Global Ferronickel Holdings Inc. (FNI) reported a threefold increase in net income for the first six months reaching ₱622.1 million, up from ₱207.08 million in the same period last year, as disclosed to the Philippine Stock Exchange on Thursday.
The sharp rise underscores the company’s improved financial performance amid a volatile operational environment. FNI attributed the surge to significantly higher global nickel prices which offset a substantial decline in shipment volume.
Average realized nickel ore prices rose by 40.5 percent to US$35.61 per wet metric ton (WMT), with low-grade ore prices climbing 74.7 percent to US$31.41 per WMT and medium-grade ore up 39.2 percent to US$42.50 per WMT. Despite a 23.2 percent drop in sales volume to 1.620 million WMT—caused by extended rainfall and regulatory constraints—revenue from mining grew 6.9 percent to ₱3.281 billion.
FNI president Dante Bravo said the strong first-half performance “demonstrates our resilience and ability to deliver value despite external factors,” citing strategic mine planning, cost discipline, and pricing leverage as key contributors.
Looking ahead, Bravo said the company will focus on ramping up shipments and sustaining operational gains to drive long-term growth.
FNI’s core operations are through its subsidiary Platinum Group Metals Corp., the country’s second-largest nickel ore producer, with active mining sites in Surigao del Norte and Palawan. The group is also expanding into value-added processing, cement production, and logistics, signaling broader commercial ambitions.
