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FNI profits jump 43% due to higher nickel prices

Business

FNI profits jump 43% due to higher nickel prices

By James A. Loyola

Global Ferronickel Holdings, Inc. (FNI), the second- largest nickel producer in the country, reported a 43 percent jump in net income to P1.86 billion last year from the P1.30 billion earned in 2019.

In a disclosure to the Philippine Stock Exchange, the firm said revenues were up 9.1 percent to P7.26B in 2020 as against P6.65 billion in 2019.

Nickel ore shipments went down 4.5 percent to 5.625 million wet metric tons (WMT) in 2020 compared to 5.890 million WMT as a result of the temporary suspension of operations in April to combat the spread of the coronavirus.

The Group only managed to ship 103 vessels in 2020 compared to 108 vessels in 2019.

“Despite the decrease in volume versus the previous year, the higher prices of nickel in 2020 had a positive impact on our top line and improved efficiency in our operations had contributed to our bottom line growth,” said FNI President Dante R. Bravo.

The average realized nickel ore price in 2020 is US$26.16 per wet metric ton, 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.

Earnings before Income Tax, Depreciation and Amortization (EBITDA) continues to improve year-on-year. EBITDA amounted to P3 billion in 2020, or an EBITDA margin of 41.49 percent versus P2.3 billion or a margin of 35.36 percentin 2019.

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Global Ferronickel Holdings Dante Bravo

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