Global Ferronickel Holdings, Inc. (FNI) registered a Php1.98 billion net income in 2021, a 5.9% increase from 2020’s Php1.87 billion due to a surge in nickel prices.
Revenues also went up by 6.1% to Php7.72 billion from Php7.26 billion previously.
“We [are delighted] with the continued surge in nickel prices, which has allowed us to grow our top and bottom line despite having experienced relatively bad weather conditions throughout last year’s mining season,” FNI president Dante Bravo said in a statement.
Inclement weather constituted a lower shipment volume of 13.1% as the Group only managed to ship 90 vessels of nickel ore for a total of 4.887 million wet metric tonnes (WMT) in 2021 against the 103 vessels totaling 5.625 million WMT in 2020. The resulting product mix was 77% (3.761 millionWMT) low-grade ore and 23% (1.126 million WMT) medium-grade ore in 2021 versus last year’s mix of 68% (3.831 million WMT) low-grade ore and 32% (1.794 million WMT) medium-grade ore.
The overall average realized nickel ore price for the year was at $31.78/WMT, 21.5% higher compared to US$26.16/WMT previously. Low-grade ore was at $30.07/WMT, 22.2% up from $24.61/WMT. Meanwhile, Medium-grade ore was at $37.47/WMT in 2021, a 27.2% increase from $29.47/WMT in 2020.
“We are hoping to have more favorable weather conditions in our Cagdianao site this year to boost production,” Bravo added.
