Global Ferronickel Holdings Inc. (FNI) reported a sharp rise in first-quarter earnings, driven by stronger nickel ore prices and higher shipment volumes from its mining operations.
The listed nickel producer said attributable net income jumped 169.6 percent to P478 million from P177.3 million a year earlier, supported by improved revenue performance across its Palawan operations.
Revenue for the period also climbed 36.6 percent to P1.646 billion, reflecting higher realized nickel prices and increased shipments to key export markets, particularly China.
Higher Prices and Stronger Shipments Drive Growth
FNI said total nickel ore shipments rose 8.9 percent to 550,632 wet metric tons, supported by continued operational improvements and steady demand from overseas buyers.
Average realized nickel ore prices increased 23 percent to $50.57 per wet metric ton, driven by tighter global supply conditions and production restrictions in major nickel-producing countries. These factors helped offset rising operational and logistics costs during the quarter.
The company’s Palawan operations were a key contributor to growth, benefiting from improved mine planning, execution efficiency, and stable demand from Asian markets.
FNI noted that shipments remained largely concentrated in China, which continues to be its primary export destination, alongside other regional buyers. The company further stated that the start of the Surigao mining season in the second quarter is expected to further support output and strengthen full-year performance.
