NAC profit rises to P6.25B on higher ore prices

NICKEL ASIA CORP. (NAC) reported an attributable net income of P6.25 billion for 2025, more than four times the P1.52 billion recorded a year earlier, supported by higher ore export prices.

In a statement on Thursday, the listed miner said revenues from saprolite and limonite ore climbed 39% to P27.25 billion from P19.56 billion in 2024.

NAC’s operating mines sold a combined 18.56 million wet metric tons (WMT) of nickel ore in 2025, up 9% from 17.02 million WMT the previous year.

The company said its weighted average ore price increased 28% to $25.66 per WMT from $20.04 per WMT a year earlier.

Saprolite and limonite ore exports rose 13% to 10.93 million WMT from 9.64 million WMT previously. Average export prices for both ore types increased 32% to $36.14 per WMT, compared with $27.34 per WMT in 2024.

At a briefing on Thursday, NAC said costs and expenses rose 18% to P18.32 billion from P15.52 billion a year earlier.

The company said it is targeting 20 million WMT in ore production this year.

Meanwhile, NAC said its renewable energy arm, Emerging Power, Inc. (EPI), through its subsidiary Jobin SQM, Inc. (JSI), is operating at a capacity of 172 megawatts (MW), with power generation up 1% to 226,897 megawatt-hours in 2025.

JSI’s earnings before interest, taxes, depreciation, and amortization declined 16% to P788 million from P939 million, attributed to lower wholesale electricity spot market prices.

Phase 1 of the San Isidro, Leyte Solar project achieved energization in October and is targeting commercial operations in the second quarter of 2026, NAC said. The project is operated by Greenlight Renewables Holdings, Inc. (GRHI), EPI’s joint venture with Shell Overseas Investments B.V.

The San Isidro solar project is expected to add 120 megawatt-peak (MWp), of which 72 MWp will be attributable to EPI. Construction of Phase 2, also with a capacity of 120 MWp, is ongoing, with testing and commissioning expected in the second quarter. 

NAC said Phase 1 of the Botolan solar project in Zambales, also under GRHI, received a notice to proceed in October, with testing and commissioning scheduled for the fourth quarter of 2026.

Separately, EPI is developing a 145‑MWp solar facility in Cawag, Subic. The company said testing and commissioning for Phase 1 has been moved to the first half of 2027, while Phase 2 is scheduled to begin construction in the first quarter of this year.

Pre-development activities are also under way for the 50‑MWp Nazareno solar project in Bataan, with construction targeted to start in the third quarter of the year.

“EPI is transitioning from volume-driven to value-focused expansion. This is in response to the changing market dynamics and to optimize its pipeline of solar power projects,” NAC said.

The company added that EPI is expanding its development strategy to include run-of-river hydro projects, as well as hybrid diesel, solar, and battery systems suited for island grid operations.

In a separate disclosure, NAC said it has established three wholly owned subsidiaries. One will provide corporate support services, another will serve as a holding entity for geothermal investments, and the third will hold international investments.

On Thursday, NAC shares closed at P5.64, up 18 centavos or 3.3%. — Vonn Andrei E. Villamiel