FNI Opens 2025 with Strong Q1 2025 Performance; Revenues Soar to P1.2B

During the first quarter of 2025, Global Ferronickel Holdings, Inc. (FNI), a leading nickel ore producer in the Philippines, reported revenues of P1.210 billion, net income attributable to shareholders of P177.3 million, and earnings per share of P0.0346.

First quarter mining revenues from Palawan reached P1.205 billion, up by 105.6% compared to P586.2 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 P532.3 million, up by 71.9% from P309.7 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 P279.6 million in the same period last year to P433.3 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 P177.3 million, from just P10.6 million a year ago. EPS correspondingly improved from P0.0021 to P0.0346.

“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.

Global Ferronickel Holdings, Inc. (PSE: FNI) is a holding company whose principal subsidiary is Platinum Group Metals Corporation, the Philippines’ second largest nickel ore producer with mining assets in Claver, Surigao del Norte and Brooke’s Point, Palawan.