During the first quarter of 2025, Global Ferronickel Holdings, Inc. (PSE: FNI), a leading nickel ore producer in the Philippines, reported revenues of ₱1.210 billion, net income attributable to shareholders of ₱177.3 million, and earnings per share of ₱0.0346.
First quarter mining revenues from Palawan reached ₱1.205 billion, up by 105.6% compared to ₱586.2 million in the same period last year, while shipment volumes totaled 505,459 WMT, up by 32.5% from 381,002 WMT in 2024. The average realized nickel ore price rose from US$27.42 to US$41.13 per wet metric ton (WMT), a 50.0% improvement year-on-year, primarily driven by favorable nickel ore prices due to constrained ore supply.
“The early shipment of medium-grade nickel ore to China sets a strong tone for the year. We remain focused on process optimization and innovation to navigate market shifts and geopolitical uncertainties, and to seize growth opportunities,” said FNI President Dante R. Bravo.
Cost of sales amounted to ₱532.3 million, up by 71.9% from ₱309.7 million, reflecting higher shipment volumes during the quarter. Operating costs, namely excise taxes and royalties, general and administrative, and shipping and distribution went up by 55.0%, from ₱279.6 million in the same period last year to ₱433.3 million this year. Said increase is attributable largely to the timing difference in business tax settlements and provisions for Input VAT impairment.
Despite higher costs, net income attributable to FNI shareholders surged by 1,568.2% to ₱177.3 million, from just ₱10.6 million a year ago. EPS correspondingly improved from ₱0.0021 to ₱0.0346.
“We look to advance strategies that grow our resource base, expand our customer reach, and solidify our role in the nickel value chain. This is how we plan to sustain our goal of creating meaningful long-term impact for all our stakeholders,” Atty. Bravo added.