AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home News

FNI Pushes Forward with Investments as 2024 Profits Take a Hit

AngMinero News by AngMinero News
March 20, 2025
in News
27 1
0
Global Ferronickel posts P779.7 million net income in first nine months
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Global Ferronickel Holdings, Inc.), the Philippines’ second-largest nickel ore producer, announced a 51.8% drop in net income attributable to shareholders for 2024, despite a record-high shipment volume fueled by increased operational efficiency and strategic investments.

FNI reported revenues of ₱7.611 billion, down 13.4% from the previous year due to a sharp decline in nickel ore prices. Net income attributable to shareholders was ₱743.9 million, translating to earnings per share of ₱0.1451, a significant decrease from ₱0.3021 in 2023.

“While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies,” said FNI President Dante R. Bravo. “In 2024, we sustained double-digit volume growth, reduced our average cash operating cost per volume sold, and reinvested back in the business. Looking ahead, we will build on these achievements as we continue to advance on our strategy to capture new revenue streams and deliver profit growth.”

Balancing Volume Growth with Price Challenges

The company’s total shipment volume reached 5.448 million wet metric tons (WMT), reflecting a 15.5% increase from 2023. Surigao led this growth with a 21.1% increase, totaling 3.991 million WMT. Palawan contributed 1.457 million WMT, a modest 2.6% increase. This volume growth was driven by investments in equipment, such as additional landing craft tanks and dump trucks, and favorable weather conditions.

Despite the increased shipment volume, the average realized nickel ore price dropped by 27.1% to USD 24.26 per WMT. The decline was attributed to weaker demand from China and Indonesia, disruptions from steel mill maintenance, and an oversupply of nickel from Indonesia.

Rising Costs and Capital Investments

FNI’s total costs and expenses increased by 11.2% to ₱6.658 billion. Cost of sales rose by 13.3% due to higher labor costs, increased contract hiring, and additional spending on environmental protection initiatives, particularly in Palawan. However, the company reported a 4.8% reduction in average cash operating cost per WMT, signaling improved operational efficiency.

The company continued to prioritize future growth, with capital expenditures rising by 15.6% to ₱1.004 billion. Over half of this spending was allocated to acquiring new equipment to enhance operational reliability. Additionally, FNI invested ₱26.5 million in mine exploration to expand its nickel resource base.

Sustainability and Community Impact

Beyond financials, FNI highlighted its commitment to environmental protection and community development. The company spent ₱280.7 million on its Environmental Protection and Enhancement Program (EPEP) and ₱63.6 million on its Social Development and Management Program (SDMP). Initiatives included reforesting 63.6 hectares across mine sites and supporting indigenous communities with ₱75.4 million in direct assistance.

FNI’s subsidiary, Platinum Group Metals Corporation, received the prestigious Platinum Achievement Award for Surface Mining at the 70th Annual Mine Safety and Environment Conference, underscoring its commitment to sustainable mining practices.

Outlook for 2025: Doubling Down on Growth

Looking ahead, FNI aims for double-digit revenue growth in 2025, banking on increased production capacity in Palawan and enhanced productivity in Surigao. The company plans to invest ₱711.8 million in further expanding its mining operations, including ongoing exploration in North Luzon and Eastern Samar.

FNI is also advancing value-added processing projects, including ferronickel and battery-grade nickel facilities, signaling a push toward future-proofing its business against volatile commodity prices.

As Global Ferronickel Holdings navigates a challenging market environment, its focus remains on balancing growth with sustainability while laying the groundwork for long-term value creation.

What are your thoughts on FNI’s strategy to combat falling nickel prices through increased efficiency and investments? Share your views below and join the discussion.

Tags: Business GrowthFNIGlobal FerronickelinvestmentsminingNickel Industrysustainability

Related Posts

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue
News

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

May 30, 2025
OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya
News

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025
News

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025
Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws
News

Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

May 22, 2025
Nickel Asia buys 33.05M shares in Coral Bay Nickel
News

Nickel Asia Corp Trains Employees as Workplace Mental Health Responders

May 22, 2025
FNI registers Php 1.9B net income for 2021
News

Global Ferronickel Posts Over 2,000% Jump in Q1 Profit on Strong Nickel Market

May 16, 2025

FEATURED POST

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

May 30, 2025
OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025
Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

May 22, 2025

EDITOR PICK'S

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

May 30, 2025

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Benguet Corporation Posts Fivefold Profit Growth in First Quarter of 2025

May 22, 2025

Chamber of Mines Welcomes SC Ruling on Occidental Mindoro Ban, Urges LGU Alignment with National Mining Laws

May 22, 2025

Nickel Asia Corp Trains Employees as Workplace Mental Health Responders

May 22, 2025

Global Ferronickel Posts Over 2,000% Jump in Q1 Profit on Strong Nickel Market

May 16, 2025

Oriental Petroleum Posts Higher Q1 Profit Despite Lower Crude Sales

May 16, 2025

Recent News

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

Mining Body Refutes Claims of Sierra Madre Destruction in Dinapigue

May 30, 2025
OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

May 29, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In