Global Ferronickel Holdings, Inc. (PSE: FNI), one of the Philippines’ largest nickel ore producers, reported first-quarter revenues of ₱1.21 billion ($21 million), more than doubling from a year earlier, as higher shipment volumes and stronger nickel prices fueled growth.
Net income attributable to shareholders surged 1,568% to ₱177.3 million in the three months through March, compared to ₱10.6 million a year earlier. Earnings per share rose to ₱0.0346 from ₱0.0021.
Mining revenues from FNI’s operations in Palawan jumped 105.6% year-on-year to ₱1.205 billion, with shipment volumes rising 32.5% to 505,459 wet metric tons (WMT). The company’s average realized nickel ore price climbed 50% to $41.13 per WMT, amid a constrained ore supply environment and strong demand from China.
“The early shipment of medium-grade nickel ore to China sets a strong tone for the year,” said FNI President Dante R. Bravo. He added that the company remains focused on process optimization and navigating geopolitical risks to drive growth.
Cost of sales rose 71.9% to ₱532.3 million on higher shipment volumes, while operating costs increased 55% to ₱433.3 million, partly due to timing differences in business tax settlements and provisions for input VAT impairment.
Despite higher expenses, FNI said it remains committed to strategies that will expand its resource base and customer reach while strengthening its position in the global nickel supply chain.
FNI, which is listed on the Philippine Stock Exchange, aims to capitalize on the growing demand for nickel, a key input for electric vehicle batteries and stainless steel production.
Mining News Philippines