Global Ferronickel Holdings Inc. posted sharply higher first-quarter earnings as stronger nickel ore prices and increased shipment volumes boosted profitability despite rising operating costs.
The listed miner, which trades on the Philippine Stock Exchange under the symbol FNI, reported revenues of P1.65 billion for the January-to-March period, while net income attributable to shareholders jumped 2.7 times to P478 million. Earnings per share climbed to P0.0935 from P0.0346 a year earlier.
Mining revenues from the company’s Palawan operations rose 36 percent to P1.64 billion, fueled by stronger demand from China and tighter global nickel ore supply. Total shipments increased 8.9 percent to 550,632 wet metric tons, with sales consisting of 80 percent medium-grade ore and 20 percent low-grade ore, compared with purely medium-grade shipments last year.
Average realized nickel ore prices surged 23 percent to USD50.57 per wet metric ton from US$41.13 last year, supported by Indonesian quota restrictions and supply disruptions linked to geopolitical tensions in the Middle East.
Cost of sales edged up 2.2 percent to P544.2 million, while operating expenses climbed 22 percent to P530.2 million due to higher excise taxes and shipping costs tied to larger shipment volumes.
FNI president Dante Bravo said the company remained focused on operational optimization, productivity improvements and long-term growth initiatives despite persistent global cost pressures.
FNI also advanced sustainability measures during the quarter, including deploying electric dump trucks and producing 31,500 seedlings for rehabilitation projects.
The company said the start of the Surigao mining season in the second quarter is expected to support further operational growth and position FNI to benefit from evolving nickel market dynamics.
