For the first time in its history, Global Ferronickel Holdings, Inc. (FNI) has achieved profitability in the first quarter of the year
In a disclosure to the Philippine Stock Exchange, FNI said that it generated P1.1 billion in revenues and achieved a net income of P358.8 million during the first quarter of this year.
The company reported earnings per share on attributable net income of P0.0296, a significant improvement compared to a loss of P0.0375 in the corresponding period of 2022.
“We had a solid start to 2023, coming primarily from our Palawan mine which benefits from medium-grade nickel ore,” FNI president Dante Bravo said in a statement.
Bravo further expressed his expectations for the upcoming year, emphasizing an increase in production, a strong focus on operational execution, and additional exploration drilling at their mine sites. Specifically, the company looks to export 6.5 million wet metric tons (WMT), with 5 million WMT coming from Cagdianao and 1.5 million WMT from Palawan.
FNI’s inaugural nickel ore shipment from the Palawan mine in September 2022 represented a significant advancement for the company in its efforts to establish year-round mining operations, the company added.
Following daily operations and production expansion, the Palawan mine achieved a production milestone of 1 million wet metric tons (WMT) on April 29, 2023, which is set to be shipped by the end of May 2023.
Furthermore, FNI obtained a 22.22 percent stake in GHGC Holdings Ltd., resulting in a 20 percent ownership of Guangdong Century Tsingshan Nickel Industry Co. Ltd., the owner of a 33-hectare rotary kiln-electric furnace processing facility in China.
The recent developments, starting from the fourth quarter of 2022, have provided support to FNI’s earnings and are expected to establish a reliable and consistent income stream for the entire year.
