Double-digit FNI sales growth seen
‘While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies.’
Daily Tribune‘While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies.’
Nickel producer Global Ferronickel Holdings Inc. (FNI) is gearing for a comeback as it expects double-digit revenue growth this year by boosting production in Palawan, enhancing efficiency in Surigao and strengthening port operations in Bataan.
In a stock exchange report on Wednesday, the company said it allocated P711.8 million in investments this year to focus on mine development, resource expansion and infrastructure projects, including a warehouse and container terminal in Bataan.
To complement this, the company also seeks to explore value-added nickel processing, such as ferronickel and battery-grade nickel production.
“While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies,” FNI president Dante Bravo said.
“Looking ahead, we will build on our achievements as we continue advancing our strategy to capture new revenue streams and deliver profit growth.”
In 2024, FNI posted a net income of P743.9 million, down 51.8 percent from the previous year, as lower nickel ore prices offset higher shipment volumes. Earnings per share declined to P0.1451 from P0.3021.
Revenues fell 13.4 percent to P7.611 billion, with mining revenues accounting for P7.592 billion. Shipments to China comprised 93 percent of total sales, while Indonesia accounted for 7 percent.
By mine site, Surigao revenues slipped 3.1 percent to P4.667 billion, while Palawan revenues dropped 25.9 percent to P2.925 billion.
The average realized nickel ore price declined 27.1 percent to $24.26 per wet metric ton (WMT).
Low-grade ores averaged $19.58 per WMT, down 23.9 percent, while medium-grade ores fell 29.1 percent to $33.06 per WMT. Prices were pressured by demand fluctuations in China and Indonesia, supply chain disruptions, and increased nickel supply from Indonesia.
