Global Ferronickel Holdings Inc, one of the Philippines’ top nickel ore producers and trades under the symbol FNI, reported P3.29 billion in revenues for the first half of 2025, alongside a net income attributable to shareholders of P622.1 million and earnings per share of P0.1214.
Revenues from mining increased by 6.9 percent year-on-year to P3.28 billion from P3.07 billion, driven by elevated realized nickel ore prices despite a 23 percent decline in shipment volume to 1.62 million WMT. The drop in volume was attributed to extended rainfall and regulatory delays.
The sales mix shifted to 62 percent low-grade and 38 percent medium-grade ore, compared to 41 percent and 59 percent, respectively, in the same period last year.
Average realized nickel ore prices rose to USD35.61 per wet metric tons (WMT), up 41 percent from USD25.35. Low-grade ore averaged USD31.41 per WMT, a 75 percent increase, while medium-grade ore fetched USD42.50, up 39 percent.
In Palawan, FNI generated P2.1 billion in export revenues, up 8.5 percent year-on-year despite a 17 percent drop in volume. Surigao operations brought in P1.19 billion, a 4.0 percent increase, even as shipments fell by 30 percent to 0.728 million WMT. Strategic stockpiling and improved weather from mid-May allowed Surigao to ramp up deliveries late in the second quarter.
Cost of sales dropped 16 percent to P1.45 billion, reflecting lower volumes and favorable cost shifts in ore grade mix.
FNI’s Ipilan Nickel Project MPSA was renewed until 2043, supporting plans to double annual output by 2027.
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