Nickel Asia Corp. said Tuesday its attributable net income rose 15 percent in 2022 to P7.93 billion from P7.81 billion in 2021 on favorable metal prices and foreign exchange rate.
NAC said in a stock exchange filing that combined nickel ore production from its five operating mines declined 11 percent in 2022 to 15.94 million wet metric tons from 17.94 million WMT a year earlier.
It said that despite the lower sales volume, revenues climbed 2 percent year-on-year to P28.03 billion, boosted by higher nickel ore prices and favorable exchange rates.
The weighted average nickel ore sales price in 2022 increased to $29.17 per WMT against $29.13 per WMT in 2021. The mining firm said it also realized P54.90 per US dollar from these nickel ore sales, an 11-percent increase from P49.48 last year.
“Despite the inclement weather that affected our nickel mining business, 2022 remained a good year for NAC with prices for the metal buoyed by high demand. Our renewable energy business also made strides as it was able to increase its generational capacity and forge a partnership with an international player, Shell Investments B.V.,” said NAC president and chief executive Martin Antonio Zamora.