Global Ferronickel Holdings, Inc. (FNI) reported a significant rise in net income for the first quarter of 2025, fueled by higher nickel prices, increased shipments from its Palawan mine, and robust demand from China.
In a disclosure, the company said it recorded a net income of Php175.1 million, marking a 2,142.3% increase from the same period last year. This surge came on the back of a 105.1% rise in revenues, which reached Php1.21 billion for the quarter.
FNI attributed the improved performance to higher nickel ore prices and increased shipment volumes from its Palawan operations. The company also cited continued strong demand from Chinese buyers as a major contributing factor.
“This performance underscores our ability to respond to favorable market conditions while managing our operations efficiently,” FNI said in a statement.
Despite the revenue growth, the company also faced rising costs, with expenses increasing by 63.8% to Php965.7 million. Nevertheless, FNI reported a stronger balance sheet, with total liabilities declining by 16.5% and a current ratio of 1.68:1, reflecting solid liquidity.
The company said it maintained prudent financial management, noting the absence of significant off-balance sheet items or capital expenditure commitments during the quarter.
However, FNI acknowledged several challenges, including higher taxes, VAT impairment losses, and seasonal shipping constraints at its Surigao mine, which typically sees reduced activity early in the year due to weather conditions.
Looking toward the future, FNI said it remains well-positioned to pursue continued growth throughout 2025 by leveraging favorable global nickel market conditions while keeping costs and liabilities under control.
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