NICKEL Asia Corp. (NAC) reported a 19-percent increase in attributable net income to P6.16 billion in the first nine months from P5.19 billion in the same period in 2025, driven by higher nickel ore prices and sales volumes, foreign exchange gains, and contributions from its energy and overseas investments.
In a disclosure on Friday, NAC said it recorded a one-time impairment with a net impact of P1.99 billion after its board approved the proposed sale of its entire 10-percent stake in Taganito HPAL Nickel Corp. (THPAL) to Sumitomo Metal Mining Co. Ltd.
The sale remains subject to agreements and conditions. Excluding the impairment, attributable net income would have reached P8.15 billion.
NAC’s share of THPAL’s losses was P270.21 million in the first nine months of 2026, compared with P249.46 million for all of 2025.
Earnings before interest, taxes, depreciation and amortization (Ebitda) rose 28 percent to P14.68 billion from P11.49 billion.
Net foreign exchange gains climbed to P506.75 million from P39.51 million, as the average realized exchange rate reached P61.34 per US dollar, compared with P56.81 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,” NAC President and CEO Martin Antonio Zamora said.
Ernesto Joseph Nocos will succeed Zamora as NAC Energy president and CEO on Jan. 1, 2027. Zamora will remain chairman.
Also part of the disclosure was revenue from saprolite and limonite ore sales, which increased 39 percent to P29.12 billion.
Nickel ore sales rose 15 percent to 15.94 million wet metric tons (WMT), while the weighted average price climbed 12 percent to $29.78 per WMT.
Exports reached 10.14 million WMT at an average price of $39.58. Limonite deliveries to affiliated high-pressure acid leach plants totaled 5.80 million WMT at an average realized price equivalent to $12.67.
NAC Energy Inc., the company’s renewable energy subsidiary, reported an 81-percent jump in power generation to 310,286 megawatt-hours, while Ebitda more than doubled to P875 million.
NAC’s investment in Kazakhstan contributed about P313 million in incremental income.
The first phase of its San Isidro solar project in Leyte has secured provisional authority to operate in July. The second phase brought an additional 40 megawatts peak (MWp) online as of end-September.
Testing and commissioning for the first phase of the 45-MWp Botolan project in Zambales is scheduled in March 2027. Construction is under way at the Subic facility in Cawag, and predevelopment has begun on the Nazareno project in Bataan.
Meanwhile, Cordillera Exploration Co. Inc., NAC’s joint venture with Sumitomo, drilled eight holes in the third quarter at the Cordon project in Isabela, bringing the nine-month total to 18 holes covering 8,194 meters at the San Luis prospect.
The venture is advancing regulatory and environmental permitting. It plans infill drilling in San Luis in 2027 to advance resource classification, alongside scout drilling for additional porphyry copper-gold deposits.
