FNI earns P2.29B as nickel prices and shipments climb

Global Ferronickel Holdings Inc. (FNI) posted a 50.9% increase in consolidated net income to P2.29 billion in the first nine months of 2026, as higher nickel ore prices, increased shipments and favorable foreign exchange movements boosted its earnings.

Consolidated revenues climbed 36.9% to P9.15 billion from P6.68 billion in the same period last year, while income before income tax rose 48.5% to P2.93 billion.

“We are encouraged by the Group’s performance in the first nine months of the year, supported by higher shipment volumes, improved nickel ore prices, and continued operational efficiencies. We will remain focused on strengthening our operating capabilities, managing costs, and maintaining efficient operations to sustain the Group’s performance in the coming periods,” FNI president Dante R. Bravo said.

The nickel ore producer completed 73 shipments during the period, up from 66 a year earlier. Total shipment volume increased 9% to 3.994 million wet metric tons (WMT) from 3.664 million WMT.

Average realized nickel ore selling prices rose 16.9% to $37.39 per WMT from $31.99 per WMT. Low-grade ore prices increased 15.3% to $34.44 per WMT, while medium-grade ore prices climbed 17.3% to $49.85 per WMT.

FNI said stronger nickel prices during the first half of 2026 were supported by demand from China and Indonesia, alongside tighter Indonesian supply due to production quota restrictions. Prices moderated in the third quarter as supply constraints eased and demand softened.

The company also benefited from a higher average peso-dollar exchange rate of P61.21, compared with P56.94 a year earlier, boosting the peso value of its dollar-denominated export revenues.

In addition, the group recorded an 87.5% increase in its share in net income of associates and a 59.1% reduction in finance costs, contributing to its earnings growth.