Higher nickel ore prices, increased shipments and a weaker peso lifted Global Ferronickel Holdings Inc. (FNI)’s consolidated net income by 50.9 percent to P2.29 billion in the first nine months of 2026.
The country’s leading nickel ore producer reported consolidated revenues of P9.15 billion, up 36.9 percent from P6.68 billion a year earlier. Income before income tax rose 48.5 percent to P2.93 billion, while earnings per share climbed 51 percent to P0.4498 from P0.2978.
FNI completed 73 shipments during the January-to-September period, up from 66 a year earlier. Total shipments increased 9 percent to 3.994 million wet metric tons (WMT) from 3.664 million WMT.
The average realized selling price of nickel ore rose 16.9 percent to USD37.39 per WMT from USD31.99, with a higher proportion of medium-grade ore in the sales mix further lifting the average.
Nickel prices strengthened in the first half amid robust demand from China and Indonesia and tighter Indonesian supply following production quota restrictions. Prices eased in the third quarter as supply constraints loosened and demand softened, although average prices for the nine-month period remained above year-earlier levels.
FNI also benefited from a weaker peso, with the average exchange rate reaching P61.21 to the US dollar from P56.94 a year earlier, increasing the peso value of its dollar-denominated export earnings.
Higher contributions from associates, whose share in net income rose 87.5 percent, and a 59.1-percent reduction in finance costs further supported earnings growth.
Mining accounted for 99.9 percent of consolidated revenues, with the balance coming from services provided by Mariveles Harbor Corp.
President Dante R. Bravo said the group would focus on strengthening operations, controlling costs and improving efficiency to sustain its performance.
