Global Ferronickel Holdings Inc. (FNI) reported a 59.5 percent slide in net income to P733.78 million for 2024, down from P1.8 billion in 2023.
The nickel miner’s financial performance last year was the result of a slump in global metal prices, the company said in a statement issued on Wednesday.
FNI posted an average nickel ore price of $24.26 per wet metric ton (WMT) in 2024, down 27.1 percent from $33.28 per WMT in the year earlier.
Revenue dropped 13.4 percent to P7.61 billion from P8.79 billion in the comparable period.
The company said the declines could have been much worse if not for a 15.5 percent increase in total volume shipped last year to 5.448 million WMT from 4.717 million WMT in 2023.
FNI said it generated better output in both Surigao and Palawan due to investments that expanded production and improved productivity.
“While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies…” FNI President Dante Bravo said.
Different factors affected market prices, FNI said, including demand fluctuations in China and Indonesia. The markets were flooded by inferior stainless steel and low-grade nickel pig iron production. Supply chains were also disrupted during maintenance shutdowns of steel mills.
Indonesia’s growing supply also outweighed production cuts and mine closures in the rest of the world.
“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,” Bravo said.
It is aiming to raise production capacity significantly higher in Palawan, from 1.5 million WMT to 3 million WMT.
The miner has set a capital expenditure guidance of P711.8 million for 2025.
The plan is to develop existing mines and expand its resources. The money will also cover investments in a warehouse and container terminal in Bataan.
It intends to pursue value-added nickel processing, primarily for ferronickel and battery-grade nickel facilities.
FNI’s principal subsidiary, Platinum Group Metals Corp. is the Philippines’ second largest nickel ore producer, with mining assets in Cagdianao, Surigao del Norte and Brooke’s Point, Palawan.
