Nickel Asia profit rises 19% to P6.16B despite impairment
Nickel Asia Corporation reported a 19% increase in attributable net income to P6.16 billion in the first nine months of 2026, even after recognizing a P1.99-billion impairment provision following its decision to sell its 10% stake in Taganito HPAL Nickel Corporation (THPAL).
The company said earnings would have reached P8.15 billion without the one-time impairment. Earnings before interest, taxes, depreciation and amortization also increased 28% to P14.68 billion from P11.49 billion a year earlier.
“Our strong nine-month results reflect solid execution across our operations and a nickel market supported by tighter ore supply conditions in Indonesia. At the same time, the investments we have made to diversify the Company are beginning to deliver,” Nickel Asia president and CEO Martin Antonio G. Zamora said.
Revenues from saprolite and limonite ore sales rose 39% to P29.12 billion from P20.96 billion, as operating mines sold 15.94 million wet metric tons (WMT) of nickel ore, up 15% from 13.89 million WMT.
The weighted average ore price increased 12% to $29.78 per WMT from $26.55 per WMT. Export shipments reached 10.14 million WMT, up 22%, while average export prices rose 5% to $39.58 per WMT.
The company also reported stronger performance from its renewable energy arm, NAC Energy, which increased power generation by 81% to 310,286 megawatt-hours. Its EBITDA doubled to P875 million from P435 million.
NAC Energy's operating capacity stood at 333 megawatt-peak, with additional solar projects under development in Leyte, Zambales, Subic and Bataan.
Meanwhile, Nickel Asia’s board approved the proposed sale of its entire 10% shareholding in THPAL to Sumitomo Metal Mining Co. Ltd., subject to definitive agreements, closing conditions and regulatory requirements.
The company also declared a special cash dividend of P0.07 per common share, payable on 11 December to shareholders of record as of 3 December. This brings total dividends declared for 2026 to P0.21 per share.