Nickel Industries delivers 191% profit growth in H1

• Nickel Industries recorded a 191% net profit jump to US$74.3 million.
• The company reported half-year revenue of US$938.4 million while withholding an interim dividend.
• Management plans to expand nickel production for the electric vehicle battery market.

Nickel Industries (ASX:NIC) increased its net profit after tax by 191% to US$74.3 million for the half-year following higher production across its operations.

The strong financial performance built on the previous period as sales revenue rose 13 per cent from US$829.7 million to US$938.4 million.

"The company achieved significant operational milestones while maintaining a strong focus on safety and environmental compliance," said Nickel Industries Managing Director Justin Werner.

Operational highlights included producing 62,019 tonnes of finished nickel metal and completing a final equity acquisition to secure a 46% stake in the Excelsior Nickel Cobalt Project.

Following the announcement, the Nickel Industries share price was unchanged at $0.85.

The business continues to expand its footprint in Indonesia through investments in the Teluk Metal Industry and Chengsheng New Energy processing facilities.

The strategic investments aim to supply downstream markets as the business ramps up high-pressure acid leach operations for global electric vehicle battery manufacturers.