Global Ferronickel Holdings Reports Significant Q1 2025 Net Income Surge Driven by Higher Nickel Prices and Ore Shipments

Published: May 15, 2025 18:17

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Global Ferronickel Holdings, Inc. (FNI) reported a significant surge in attributable net income to ₱177.3 million in Q1 2025, up from ₱10.6 million the previous year, driven by early ore shipments and higher nickel prices. Revenues more than doubled to ₱1.21 billion, with mining revenues from Palawan up 105.6% and shipment volumes rising 32.5% to 505,459 wet metric tons (WMT). The average realized nickel ore price increased by 50% to $41.13 per WMT due to constrained supply. Costs also rose, with cost of sales increasing 71.9% to ₱532.3 million and operating costs up 55% to ₱433.3 million, mainly due to tax timing differences and VAT provisions. FNI President Dante R. Bravo emphasized the company’s focus on optimization, innovation, and strategic expansion to sustain long-term growth.

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