Nickel Asia, a prominent mining and power entity owned by the Zamora family, disclosed a sharp 53 percent decline in its audited attributable net income last year, amounting to PHP 3.7 billion (USD 66.6 million) compared to PHP 7.9 billion (USD 142.2 million) in 2022. This downturn is attributed primarily to a dip in nickel ore prices, exacerbated by an uptick in production from Indonesia.
Additionally, the company faced a loss of PHP 1.0 billion (USD 18 million) from its equity interests in the Coral Bay and Taganito HPAL plants, a stark contrast to the previous year’s profit of PHP 0.9 billion (USD 16.2 million), due to declining nickel and cobalt market prices. Ore sales revenue also saw a 16 percent decrease, dropping to PHP 21.4 billion (USD 385.2 million) from PHP 25.5 billion (USD 459 million).
Despite these challenges, NAC President and CEO Martin Antonio G. Zamora remains optimistic about the company’s future prospects and its commitment to environmental, social, and governance (ESG) investment. He expressed enthusiasm for three upcoming nickel projects—Dinapigue, Bulanjao, and Manicani—anticipated to boost nickel ore sales volumes significantly in the ensuing years.
Nickel Asia is also advancing its renewable energy initiatives, with its subsidiary Emerging Power, Inc. (EPI) increasing its solar capacity to 172-MWp, with nearly 400-MWp more in development. This move underscores the company’s dedication to sustainable natural resource management.
In 2023, Nickel Asia’s operating mines sold a total of 16.5 million wet metric tons (WMT) of nickel ore, a 3 percent increase from the previous year. The company exported 8.9 million WMT of ore at an average price of USD 30.59 per WMT, down from 8.1 million WMT at USD 39.39 per WMT in 2022. Limonite ore deliveries to HPAL plants also saw a price decrease, further impacting revenue.
The decrease in weighted average nickel ore sales price by 20 percent to USD 23.30 per WMT from USD 29.17 per WMT in 2022 reflects the global nickel market’s volatility. However, Nickel Asia reported a slight increase in the realized Philippine peso per US dollar from nickel ore sales.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) from mining operations fell by 24 percent due to diminished nickel ore revenues. Meanwhile, EPI’s Jobin-SQM Inc. (JSI) subsidiary reported a 25 percent increase in electricity generation, with EBITDA rising 14 percent year-on-year.
Looking ahead, Nickel Asia continues to focus on diversifying its energy portfolio, with several solar and geothermal projects in development stages, aiming to bolster its position as a leading ESG investment and a significant player in the Philippine Stock Exchange by 2025. 
