Global Ferronickel Holdings Inc. (FNI), one of the country’s leading nickel producers, posted a 1,567 percent surge in net income for the first quarter of 2025 totaling P177.3 million, from just P10.63 million a year earlier, as higher shipment volumes and stronger nickel prices buoyed performance.
In a disclosure on Thursday, FNI attributed the earnings spike to a sharp rise in both shipment volume and average realized ore prices, signaling renewed strength in the global nickel market and strategic positioning by the firm.
Revenue more than doubled, climbing 105 percent to P1.21 billion in the January–March period, from P589.88 million a year ago. Shipment volume reached 505,459 wet metric tons (WMT), up 32.5 percent year-on-year, while the average realized price for nickel ore jumped 50 percent to USD41.13 per WMT from USD27.42 in Q1 2024.
“The early shipment of medium-grade nickel ore to China sets a strong tone for the year,” said FNI president Dante Bravo, noting that process optimization and innovation remain central to the company’s strategy amid global market volatility and geopolitical risks.
“We look to advance strategies that grow our resource base, expand our customer reach, and solidify our role in the nickel value chain,” Bravo added.
The firm’s principal operating subsidiary, Platinum Group Metals Corp., is the country’s second-largest nickel ore producer, with mining operations in Surigao del Norte and Palawan. Beyond extraction, FNI has been moving to diversify its portfolio through investments in value-added nickel processing, cement production, port operations, and logistics—an expansion strategy that underscores its ambition to play a broader role in the industrial and infrastructure sectors.
With nickel a critical input in stainless steel and electric vehicle batteries, FNI’s performance reflects both commodity tailwinds and increasing corporate focus on resource value maximization. As the company scales its operations and widens its downstream capabilities, it is positioning itself as a key player in the regional and global nickel supply chain.
