Global Ferronickel Holdings Inc. (FNI) recorded profit of P1.86 billion in 2020, up 43 percent from the previous year’s P1.30 billion.
Revenues reached P7.26 billion, up 9.1 percent from P6.65 billion in 2019.
The company said it managed to raise its revenues despite a decline in nickel ore volume shipment of 4.5 percent to 5.625 million wet metric tons (WMT) compared to 5.890 million WMT the prior year, as a result of the temporary suspension of operations in April to combat the spread of the coronavirus disease 2019 (COVID-19) pandemic.
“The group only managed to ship 103 vessels in 2020 compared to 108 vessels in 2019,” the company said.
Dante Bravo, FNI president, said the company realized and average nickel ore of $26.16 per WMT last year, 20 percent higher than that of the previous year.
“The resulting product mix was 68 percent (3.831 million WMT) low-grade nickel ore and 32 percent (1.794 million WMT) medium-grade nickel ore in 2020 as against 45 percent (2.660 million WMT) low-grade nickel ore and 55 percent (3.230 million WMT) medium-grade nickel ore in 2019,” he said.
