Nickel Asia Corp. (NAC) recorded a 34-percent increase in net income in 2020 to P4.07 billion from P2.68 billion in 2019 mainly attributed to the Indonesian ore ban which pushed international prices up.
NAC said it exported 10 million wet metric tons (WMT) of nickel ore last year, four percent lower than the 10.4 million WMT shipped the previous year.
Prices, however, jumped 45 percent to $33.99 per WMT from $23.52 per WMT.
NAC said higher prices also offset the less favorable peso-dollar exchange rate with total revenues for the period increasing by 21 percent to P21.8 billion from P17.9 billion.
“Demand for nickel ore did not slow down despite the pandemic. As Indonesia resumed its ban on direct export of nickel ore at the start of 2020, we realized higher prices for our ore exports,” said Martin Antonio Zamora, NAC president and chief executive officer, in a statement.