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Manila Bulletin devider Business devider The Stock Market devider Nickel Asia profit doubles to ₱5.19 billion on higher ore prices

Nickel Asia profit doubles to ₱5.19 billion on higher ore prices

Published Nov 12, 2025 11:26 am
Nickel Asia Corp. (NAC) reported a sharp rise in profit for the first nine months of the year, driven by elevated prices for its nickel ore exports, despite expectations of tighter supply in the global market.

The publicly listed natural resources development firm said that it saw its attributable net income double to ₱5.19 billion during the January-to-September period, from ₱2.55 billion in the same period last year.
The company attributed the strong performance to a “notable increase in saprolite ore export prices.”
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also surged by 64 percent, from ₱6.64 billion to ₱10.88 billion.
Revenue from saprolite and limonite ore exports climbed ₱20.96 billion in the first nine months of 2025. Export volume posted a slight increase to 8.32 million wet metric tons (WMT). The average selling price for saprolite ore exports soared 52 percent to $37.5 per WMT, from $24.74 per WMT in 2024.
Combined nickel ore deliveries from operating mines reached 13.89 WMT, with a year-over-year price increase of 39 percent, realizing $26.55 per WMT, up from $19.09.
Limonite ore deliveries to the Coral Bay and Taganito HPAL plants were 5.57 million WMT, slightly higher than the 5.49 million WMT delivered last year, though the average price for this ore decreased to $10.17 per WMT. The company's realized average exchange rate from sales declined marginally to ₱56.81 per U.S. dollar from ₱57.22 in 2024.
Nickel Asia President and CEO Martin Antonio Zamora said the company continued to perform strongly, supported by high nickel ore prices. “We expect this tightness to persist as Indonesia enforces stricter policies on production permits,” Zamora noted.
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