Half Year 2025 Nickel Industries Ltd Earnings Call Transcript
Key Points
- Nickel Industries Ltd (NICMF) reported a significant increase in profit after tax, up 80% from USD 14 million in the first half of 2024 to USD 25.5 million in the first half of 2025.
- The Hengjaya mine achieved a standout performance with mine production exceeding 11.5 million wet metric tonnes and adjusted EBITDA of USD 70.3 million, a 76% increase from the previous year.
- The company continues to excel in responsible mining, receiving its third consecutive green proper rating and aiming for gold status.
- Strong progress in the development of the Sampala project, with potential to host over 1 billion wet metric tonnes, and significant drilling and feasibility studies already completed.
- The ENC HPAL project is advancing well, with the cathode plant completed and other facilities expected to be operational by early 2026, indicating strong future production capabilities.
- Lower EBITDA from RKEF operations due to higher costs, driven by shortages and significant premiums paid for raw materials.
- Slightly lower production from NPI operations due to maintenance and realignment of kilns after heavy rainfall and flooding.
- Increased cash costs in RKEF operations, rising from $9,716 to $10,117, impacting EBITDA per tonne margins.
- The company has deferred remaining payments for ENC, totaling USD 253 million, to manage cash flow and refinancing efforts.
- Dividend payments have been withdrawn as part of prudent balance sheet management amidst ongoing debt refinancing and capital structure optimization.
Thank you for standing by and welcome to the Nickel Industries Limited 2025 half-year results. (Operator Instructions)
I would now like to hand the conference over to Mr. Justin Werner, Managing Director. Please go ahead.
Thank you, and thank you, everyone, for your attendance at the Nickel Industries 2025 half-year results presentation. If I could just ask the moderator to move to the next slide please.
We continue to play a leading role in responsible and sustainable mining. At the Hengjaya mine, over 22.6 million work hours have been registered since our last LTI, which was over five years ago in November of 2021.
Across group operations, 12-month lost-time injury frequency rates, LTFIR, at the end of June was 0.05, no lost-time injuries. And that was against 4.6 million man-hours work. For the 12 months to June 30, 2025, there were 18.6 million work hours registered with just one single LTI occurring.
On the same sustainability front,
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