Nickel Asia Corp. experienced a surge in profitability, reporting a net income of P6.25 billion for the year – a more than fourfold increase compared to the P1.52 billion earned the previous year. This dramatic rise was fueled by significantly higher prices for exported nickel ore.
Revenue from both saprolite and limonite ore saw a substantial 39% jump, reaching P27.25 billion. This growth was driven by increased sales volume and, crucially, a more favorable market for nickel. The company moved a total of 18.56 million wet metric tons of nickel ore, a 9% increase in production.
The average price received for the ore climbed 28% to $25.66 per wet metric ton. This price increase was particularly pronounced for saprolite and limonite exports, which saw a 32% surge to $36.14 per wet metric ton. These higher prices directly translated into the company’s impressive financial gains.
While revenue soared, operational costs also rose, increasing by 18% to P18.32 billion. Despite this increase in expenses, the substantial gains in ore prices far outweighed the cost increases, resulting in the record-breaking net income.
Looking ahead, Nickel Asia Corp. has set an ambitious production target of 20 million wet metric tons of ore for the current year, signaling continued confidence in market demand. The company is focused on maximizing output to capitalize on favorable conditions.
Beyond nickel mining, the company’s renewable energy arm, Emerging Power, Inc., demonstrated significant operational capacity, generating 226,897 megawatt-hours of power – a 1% increase. This output came from a capacity of 172 megawatts.
However, earnings for Emerging Power’s subsidiary, Jobin SQM, Inc., experienced a 16% decline to P788 million. This decrease was attributed to fluctuations in wholesale electricity market prices, highlighting the challenges within the energy sector.
Significant progress is being made on several solar energy projects. The first phase of the San Isidro, Leyte Solar project achieved energization in October and is slated to begin commercial operations in the second quarter of next year, adding 120 megawatt-peak of capacity.
Construction is actively underway on the second phase of the San Isidro project, also with a 120 MWp capacity, with testing and commissioning anticipated in the same timeframe. These projects represent a substantial investment in renewable energy infrastructure.
The Botolan solar project in Zambales also received the green light, with a notice to proceed issued in October. Testing and commissioning for this project are scheduled for the fourth quarter of 2026, further expanding the company’s solar portfolio.
Additionally, a 145-MWp solar facility is under development in Cawag, Subic, though the timeline for Phase 1 testing has been adjusted to the first half of 2027. Phase 2 construction is set to begin in the coming months.
Pre-development work is also progressing on the 50-MWp Nazareno solar project in Bataan, with construction targeted to commence later this year. These multiple projects demonstrate a clear commitment to diversifying into renewable energy sources.
Emerging Power is strategically shifting its focus from simply increasing volume to prioritizing value-driven expansion. This adjustment reflects a response to evolving market dynamics and a desire to optimize its project pipeline.
The company is broadening its renewable energy strategy to include run-of-river hydro projects and hybrid systems combining diesel, solar, and battery storage – particularly suited for powering island grids. This diversification aims to enhance resilience and efficiency.
To support its expanding operations, Nickel Asia Corp. has established three new wholly-owned subsidiaries. These entities will provide corporate support services, manage geothermal investments, and oversee international ventures, streamlining the company’s structure.
Reflecting investor confidence, Nickel Asia Corp. shares experienced a modest increase, closing at P5.64 – up 3.3% for the day. This positive market response underscores the company’s strong performance and promising outlook.
