Global Ferronickel Holdings Inc. (FNI) has reported a significant 59.5 percent drop in net income for 2024, reaching P733.78 million, down from P1.8 billion in 2023. The company attributed the decline to lower global nickel prices, with the average realized nickel ore price falling 27.1 percent to USD24.26 per wet metric ton (WMT) from USD33.28 per WMT the year prior. Factors influencing the price drop include fluctuating demand in key markets like China and Indonesia, increased supply from Indonesia, and disruptions in the global steel market.
Despite the downturn, FNI shipped 15.5 percent more volume reaching 5.448 million WMT in 2024, supported by investments that improved production efficiency at its Surigao and Palawan mine sites. The company also maintained its focus on long-term growth, outlining plans for a double-digit revenue increase in 2025, backed by expanded production capacity and operational efficiencies.
President Dante Bravo emphasized FNI’s commitment to growth and profitability, noting continued investments in exploration and expansion, with P711.8 million allocated for capital expenditures this year. These investments will focus on existing mine developments, value-added nickel processing, and enhanced port operations. FNI’s diversification into cement manufacturing and logistics further strengthens its long-term strategic position.
FNI’s subsidiary, Platinum Group Metals Corp., remains the country’s second-largest nickel ore producer, bolstering the company’s footprint in the global mining sector.
