Metro Manila, Philippines—During the first quarter of 2026, Global Ferronickel Holdings, Inc. (PSE: FNI), a leading nickel ore producer in the Philippines, reported revenues of ₱1.646 billion, net income attributable to shareholders of ₱478.0 million, and earnings per share of ₱0.0935.
In Palawan, first quarter mining revenues increased by 36.4% from ₱1.205 billion in the same period last year to ₱1.644 billion, driven by higher shipment volumes and improved nickel ore prices. Total shipments rose 8.9% to 550,632 wet metric tons (WMT) from 505,459 WMT in 2025, with the current quarter’s sales mix at 80% medium-grade and 20% low-grade nickel ore, compared to 100% medium-grade shipments in the prior year. All shipments for both periods were sold exclusively to customers in China.
Supporting the strong revenue growth, the average realized nickel ore price increased by 23.0% to US$50.57 per WMT from US$41.13 per WMT, underpinned by tighter nickel ore supply amid quota restrictions in Indonesia, and elevated industry costs linked to geopolitical tensions in the Middle East.
“Our Palawan operations delivered a strong start to the year, supported by continued operational optimization, enhanced mine planning, and disciplined execution across our operations. Despite global and industry-wide cost pressures, we remained focused on improving productivity, maintaining operational readiness, and advancing initiatives that strengthen efficiency and support our long-term growth objectives,” said FNI President Atty. Dante R. Bravo.
Cost of sales amounted to ₱544.2 million, up by 2.2% from ₱532.3 million, reflecting higher production and shipment volumes during the quarter. Operating costs, namely excise taxes and royalties, general and administrative, and shipping and distribution, increased by 22.4% from ₱433.3 million in the same period last year to ₱530.2 million this year, largely due to higher excise taxes and shipping expenses from higher volumes shipped, partially offset by a provision for Input VAT impairment recognized in the prior year.
Despite higher costs, net income attributable to FNI shareholders surged by 169.6% to ₱478.0 million, from ₱177.3 million a year ago. Earnings per share correspondingly improved from ₱0.0346 to ₱0.0935.
The Company likewise continued to advance its sustainability and operational resilience initiatives during the quarter, highlighted by the deployment of electric dump trucks to support emissions reduction efforts, and the production of 31,500 seedlings for rehabilitation activities.
“We continue to strengthen operational resilience through technology adoption, resource expansion, and disciplined cost management, positioning FNI to capitalize on evolving market dynamics, including changing nickel price fundamentals. With the start of the Surigao mining season in the second quarter of 2026, we expect to further build on the strong momentum started by our Palawan operations and accelerate overall performance for the year,” Mr. Bravo added.