Global Ferronickel Holdings Inc. (FNI) reported a PHP 614.3 million net income for the third quarter of 2025, which is down 31.9% from PHP 902.7 million last year. This was attributed to weaker demand and fewer nickel ore shipments.
The company’s revenues fell 27.3% to PHP 6.41 billion, with shipment volume declining to 3.56 million wet metric tons (WMT) from 4.88 million WMT a year ago. Average selling price slipped slightly to USD 28.94 per WMT from USD 29.64.
From January to September, FNI earned PHP 1.29 billion, lower than PHP 1.88 billion in the same period last year. Consolidated revenues went down as well, reaching PHP 14.94 billion, down 21 percent year-on-year.
Operating expenses decreased 5% to PHP 832.8 million as the company tightened cost controls. Total assets grew 3.4% to PHP 32.2 billion, with equity at PHP 22.7 billion and a healthy current ratio of 4.27 times.
FNI said its subsidiary, FNI Steel Corporation, continues work on a planned USD 50-million rebar steel mill in Bataan to diversify beyond nickel mining. Its logistics arm, FNI Holdings and Logistics Corporation, supported port and haulage operations in Surigao and Palawan.
The company said it remains cautious amidst softer global steel demand and nickel price volatility, but expects its steel and logistics ventures to strengthen growth over the long term.
Do you think FNI’s expansion into steel production will help cushion the impact of fluctuating nickel prices?
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