Image source: Shutterstock
Highlights
- Nickel Industries is an ASX-listed nickel ore mining and nickel pig iron production organisation
- In FY23, the company’s revenue increased by almost 55% to USD 1,880 million
- PT Danusa Tambang Nusantara has the maximum stake in the firm with a shareholding of nearly 20%
Nickel Industries Ltd (ASX:NIC) is a nickel ore mining and nickel pig iron production organization. With operations in Indonesia and Singapore, the company has interest in the Hengjaya Mine, Ranger Nickel project and in the Angel Nickel project.
In the financial year 2023 (FY23), revenue of NIC surged by 54.48% YoY to USD 1,880 million, underpinned by increased sales in RKEF projects, Nickel ore mining and HPAL Projects in FY23. During the reported period, gross profit increased by almost 15% YoY to USD 338.03 million.
Profit during the year dropped by 15.85% YoY to USD 176.20 million, due to a rise in director’s fees, financial expenses, consultant’s expenses and other expenses.
Top 10 Shareholder of NIC
The top 10 shareholders of NIC have around 64.69% shareholding, while the top four have nearly 46.51% of the shareholding. PT Danusa Tambang Nusantara, and Decent Investment International Pte. Ltd. have maximum stakes in the firm with a shareholding of ~20% and ~16.40%, respectively.
Recent business update
On 31 July 2024, NIC released an update for the second quarter of FY24. During the quarter, RKEF Nickel metal production touched 31,975 tonnes on a 100% basis, demonstrating a rise of 0.4% over the previous quarter.
During the reported period, Hengjaya Mine posted an EBITDA of USD 24.6 million, reflecting a growth of 62.9% over the previous quarter. As of 30 June 2024, NIC’s cash and cash equivalent balance was USD 358.1 million.
The quarter witnessed the acquisition of a further 13.75% stake in the Excelsior Nickel Project. After the end of the quarter, a further 16.5% stake was acquired, taking the total equity interest to 44%.
Outlook
The Excelsior Nickel Cobalt HPAL project targets production of 72k metric tons of nickel every year by creating three major class 1 nickel products, nickel sulfate, nickel cathode and MHP.
With August signaling the beginning of the dry season, NIC is preparing to ensure a better result in the second half of FY24.
Share performance of NIC
NIC shares closed at AUD 0.825 apiece on 20 August 2024. In the last one year, NIC’s share price has increased by 10.74%, while in the last three months, it has dropped by 22.54%.
52-week high of NIC is AUD 1.085, recorded on 21 May 2024, while its 52-week low is AUD 0.540, recorded on 23 January 2024.

NIC Daily Technical Chart, Source: REFINITIV
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 20 August 2024. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer:
This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.
Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.
There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.
Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.
The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.
The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.
Kalkine does not issue, sell or deal in any financial products.
This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.
To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.
Please also read our Terms & Conditions and Financial Services Guide for further information.
Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.
Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.
Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.
Copyright 2026 Krish Capital Pty. Ltd. (ABN 61629651510). All Rights Reserved. No part of this Article, or its content, may be reproduced in any form without our prior consent.