Global Ferronickel Holdings, Inc. (FNI) saw its net income surge more than threefold in the first half of 2025 as strong nickel ore prices offset weaker shipment volumes caused by bad weather and regulatory delays.
The listed nickel ore producer reported net income attributable to shareholders of ₱622.1 million (about US$11.01 million), up 200.4 percent from ₱207.1 million (US$3.66 million) a year earlier. Earnings per share climbed to ₱0.1214 (US$0.00215) from ₱0.0404 (US$0.00071).
Revenues reached ₱3.288 billion (US$58.20 million), with mining contributing ₱3.281 billion (US$58.07 million) — a 6.9-percent increase from ₱3.071 billion (US$54.36 million) in the same period last year.
“Our first-half performance demonstrates our resilience and ability to deliver value despite external factors. While unfavorable weather and regulatory constraints affected shipment volumes, we capitalized on market pricing,” FNI President Dante R. Bravo said.
He credited “strategic mine planning, technology integration, and disciplined cost management” for sustaining revenue growth and protecting margins.
Volume down, prices up
Total sales volume dropped 23.2 percent to 1.620 million wet metric tons (WMT) from 2.109 million WMT in 2024. Extended rains reduced medium-grade ore output, prompting a shift in sales mix to 62 percent low-grade and 38 percent medium-grade ore, from 41 percent and 59 percent, respectively.
Average realized nickel ore price rose 40.5 percent to US$35.61 per WMT from US$25.35. Low-grade ore fetched US$31.41 per WMT, up 74.7 percent, while medium-grade sold for US$42.50, a 39.2-percent increase.
Palawan and Surigao operations
In Palawan, export revenues rose 8.5 percent to ₱2.096 billion (US$37.10 million) despite a 17.1-percent decline in shipments to 0.892 million WMT, due mainly to permitting delays and adverse weather. The company optimized ore reserve use and boosted efficiency through technology.
The Department of Environment and Natural Resources renewed in May the Mineral Production Sharing Agreement for the Ipilan Nickel Project until September 2043, paving the way to double its capacity to 3.0 million WMT annually over the next two years.
Surigao delivered ₱1.186 billion (US$20.99 million) in export revenues, up 4 percent from last year, even as shipment volumes fell 29.5 percent to 0.728 million WMT. Strategic stockpiling early in the year and better weather from mid-May allowed the mine to more than double sales compared with April and early May.
Costs and recognition
Cost of sales fell 16.4 percent to ₱1.451 billion (US$25.68 million), largely from lower volumes and reduced contract hire rates linked to the higher share of low-grade ore. Operating expenses were steady at ₱1.079 billion (US$19.10 million), with higher provisions for VAT impairment and freight partly offset by lower excise taxes and royalties after a one-time settlement in 2024.
“With the first half of the year behind us, our attention continues to be on maintaining operational improvements, stepping up shipments, and setting FNI up for long-term, sustainable growth,” Bravo said.
During the period, FNI earned several industry awards. Its legal team was named In-House Team of the Year (Construction and Real Estate category) at the Asian Legal Business Southeast Asia Law Awards in Singapore, and was a finalist in three other categories.
In Surigao, operating arm Platinum Group Metals Corp. won the DENR’s Best Adopt-an-Estero/Waterbody Program award for its decade-long rehabilitation of the Kinalablaban River. PGMC was also a finalist in the Employers Confederation of the Philippines’ 2025 Kapatiran sa Industriya Awards for its inclusive and sustainability-focused workplace.
