Nickel Asia Corp. (NAC) nearly doubled its attributable net income in the first half of 2026, driven by higher nickel ore prices, increased sales volumes and a stronger peso-dollar exchange rate.
The listed mining and natural resources company said Friday that attributable net income rose 93 percent to P4.06 billion in the January-to-June period from P2.10 billion a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 67 percent to P8.68 billion from P5.20 billion.
The company attributed the stronger performance to higher average ore selling prices, increased shipments from its operating mines and a favorable foreign exchange rate.
Revenue from saprolite and limonite ore sales increased 45 percent to P15.39 billion from P10.59 billion in the comparable period last year.
Nickel Asia's six operating mines sold a combined 8.65 million wet metric tons (WMT) of nickel ore in the first half, up 10 percent from 7.85 million WMT a year earlier.
The weighted average ore price rose 23 percent to $29.25 per WMT from $23.87 per WMT, while the average realized exchange rate improved 8 percent to P60.85 per US dollar from P56.47.
Ore exports reached 4.76 million WMT at an average price of $42.86 per WMT, compared with 3.92 million WMT at $38.31 per WMT in the first half of 2025.
Deliveries of limonite ore to the company's affiliated high-pressure acid leach (HPAL) plants totaled 3.88 million WMT. The average realized price increased to $8.07 per pound of payable nickel, equivalent to $12.57 per WMT, from $6.96 per pound or $9.43 per WMT a year earlier.
Meanwhile, NAC Energy Inc., the company's renewable energy unit, posted a 68-percent increase in power generation to 213,186 megawatt-hours (MWh) from 127,030 MWh after the energization of the 120-megawatt-peak (MWp) first phase of its San Isidro, Leyte solar project.
EBITDA from the renewable energy business rose 83 percent to P628 million from P343 million.
Nickel Asia said the second 120-MWp phase of the Leyte project began energization in July. Other solar developments include the Botolan, Zambales project, where testing and commissioning of the first 45-MWp phase is scheduled in the fourth quarter, and a 145-MWp solar facility in Subic, whose first phase is targeted for commissioning in the first half of 2027.
The company is also advancing a 50-MWp solar project in Nazareno, Bataan, while evaluating battery energy storage system integration for both the Subic and Bataan projects.
In mineral exploration, Cordillera Exploration Co. Inc., Nickel Asia's joint venture with Sumitomo Metal Mining Co. Ltd., completed eight drill holes totaling 3,339 meters during the second quarter at the Cordon copper-gold project in Isabela.
The company said drilling results continue to define a broad porphyry copper-gold mineralization zone at the San Luis prospect. Drilling will continue through 2026 as the venture works toward declaring mineral reserves by 2027.
Nickel Asia also said it had completed due diligence for its planned acquisition of a 20-percent interest in Kazakhstan-based East Copper Production LLP from Silk Road Resources Ltd.
The $30-million acquisition will be carried out through Singapore-based NAC Global Investments Pte. Ltd., the company's wholly owned subsidiary established to hold its overseas investments. An initial payment of $10 million has been made, with the remaining $20 million subject to closing conditions and regulatory approvals.
"The nickel supply chain has held up well despite the lingering Middle East conflict, and that resilience helped us grow even against higher oil and input costs," Nickel Asia President and CEO Martin Antonio G. Zamora said.
"We remain bullish on nickel prices. Class 1 production is slowing substantially as input costs rise, while Class 2 demand keeps growing steadily under a tightly regulated quota policy," he added.
Zamora said the company expects its renewable energy business to reach nearly 600 MW of gross operating capacity by the end of 2027 while continuing to expand its international critical minerals portfolio through NAC Global.
