Global Ferronickel Holdings Inc., or FNI, reported a 169.6-percent increase in first-quarter net income attributable to shareholders, driven by higher nickel ore prices and increased shipment volumes from its Palawan operations.
The Philippine-listed nickel ore producer said net income for the January-to-March period rose to ₱478.0 million from ₱177.3 million a year earlier, while earnings per share improved to ₱0.0935 from ₱0.0346.
Revenue increased 36.4 percent to ₱1.646 billion from ₱1.205 billion in the same period last year.
FNI said total nickel ore shipments from its Palawan operations rose 8.9 percent to 550,632 wet metric tons from 505,459 wet metric tons in the first quarter of 2025. The company said the current quarter’s sales mix consisted of 80 percent medium-grade and 20 percent low-grade nickel ore, compared with entirely medium-grade shipments a year earlier. All shipments were sold to customers in China.
The average realized nickel ore price increased 23 percent to US$50.57 per wet metric ton from US$41.13 per wet metric ton, supported by tighter nickel ore supply due to quota restrictions in Indonesia and elevated industry costs linked to geopolitical tensions in the Middle East.
President Dante R. Bravo said the company’s Palawan operations delivered a strong start to the year.
“Our Palawan operations delivered a strong start to the year, supported by continued operational optimization, enhanced mine planning, and disciplined execution across our operations,” Bravo said.
Cost of sales rose 2.2 percent to ₱544.2 million from ₱532.3 million, reflecting higher production and shipment volumes. Operating expenses, including excise taxes, royalties, general and administrative expenses, and shipping and distribution costs, climbed 22.4 percent to ₱530.2 million.
FNI said the increase in operating costs was largely due to higher excise taxes and shipping expenses associated with increased shipment volumes.
The company also said it continued implementing sustainability and operational resilience initiatives during the quarter, including the deployment of electric dump trucks and the production of 31,500 seedlings for rehabilitation activities.
Bravo said the company expected further growth as mining operations in Surigao resumed in the second quarter.
“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,” he said.
