Global Ferronickel Reports 170% Increase in Q1 Income Driven by Nickel Price Surge
Global Ferronickel Holdings Inc. (FNI) achieved a net income of P478 million in Q1, a 169.6% increase year-on-year. This rise is attributed to higher nickel ore prices and increased shipment volumes, particularly to China.
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Global Ferronickel Holdings Inc. reported a 169.6% rise in Q1 net income, reaching P478 million compared to P177.3 million in the same quarter of the previous year. Revenues for January to March rose to P1.64 billion, driven by an increase of 36.4% in mining operations from Palawan.
Shipment volumes increased by 8.9%, totaling 550,632 wet metric tons (WMT), with all sales directed to China. The average nickel ore price jumped 23% to $50.57 per WMT, influenced by supply restrictions in Indonesia. FNI anticipates continued improvement in subsequent quarters as the Surigao mining season commences, while also emphasizing its focus on operational efficiency and productivity under challenging market conditions.
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