Listed natural resources development company Nickel Asia Corp. (NAC) saw attributable net income triple to P6.27 billion in 2025 from P1.52 billion in 2024.

The Zamora-led firm said Thursday the surge in profit was driven by sharply higher nickel ore export prices, stronger shipment volumes and improved average selling prices.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 56 percent to P13.75 billion from P8.79 billion due to mining revenues as saprolite ore export prices climbed throughout the year.

Ability to capitalize on market highs

“Our significant income growth this year reflects our ability to capitalize on market highs while strengthening our position as a reliable global supplier,” NAC president and CEO Martin Antonio G. Zamora said.

Revenues from saprolite and limonite ore increased by 39 percent to P27.25 billion from P19.56 billion, as operating mines sold a combined 18.56 million wet metric tons of nickel ore, up 9 percent from 17.02 million WMT in 2024.

Weighted average ore prices rose by 28 percent year on year to $25.66 per WMT from $20.04 per WMT.

Saprolite and limonite ore exports reached 10.93 million WMT, up 13 percent from 9.64 million WMT, while average export prices surged by 32 percent to $36.14 per WMT from $27.34 per WMT, significantly boosting earnings.

Deliveries of limonite ore to the Coral Bay and Taganito high-pressure acid leach plants totaled 7.64 million WMT, slightly higher than 7.38 million WMT in the previous year.

However, the average realized price declined to $6.86 per pound of payable nickel from $7.65 per pound, reflecting softer processing-linked prices.

RE arm

Nickel Asia’s renewable energy arm, Emerging Power Inc., generated 226,897 megawatt-hours in 2025, up 1 percent year on year.

However, EBITDA from the segment declined by 16 percent to P788 million from P939 million due to lower weighted average tariffs amid weaker Wholesale Electricity Spot Market prices.

The company continued expanding its renewable energy portfolio, including the energization of Phase 1 of the San Isidro solar project in Leyte in October 2025, adding 120 megawatt-peak capacity.

Solar projects

Additional solar projects in Zambales, Subic and Bataan remain under development, alongside plans to integrate battery energy storage systems and hybrid energy solutions.

Meanwhile, its joint venture Cordillera Exploration Company Inc. reported continued copper-gold mineralization from drilling at the Cordon Project in Isabela, with further drilling planned this year to establish mineral resources and expand the project’s potential.

To sustain growth, Zamora said the company will accelerate its transition into a multi-resource company by expanding its renewable energy business and advancing its gold and copper prospects.