Nickel Asia Corporation (NAC), a Philippine-listed natural resources development company, reported a net income of P7.93 billion for 2022, an increase of 1.5 percent from the P7.81 billion it reported in 2021.
Despite the lower sales volume during the period, the company’s revenues increased by 2 percent to P28.03 billion from P27.40 billion in 2021 due to higher nickel ore prices and favorable exchange rates.
The company’s five operating mines sold a combined 15.94 million wet metric tons of nickel ore during the year, a decrease of 11 percent from the 2021 level of 17.94 million WMT, almost in direct proportion to unrealized workable days caused by unfavorable weather that adversely affected the company’s mining operations during the period.
NAC is committed to becoming the premier ESG investment in the country and the top 25 in market capitalization of the listed companies in the Philippine Stock Exchange by 2025.
Its renewable energy business, EPI, made strides as it was able to increase its generational capacity and forge a partnership with an international player, Shell Investments B.V. – BusinessNewsAsia.com