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Manila Bulletin devider Business devider FNI earnings improve despite lower shipments

FNI earnings improve despite lower shipments

Published Nov 16, 2022 02:32 pm

Global Ferronickel Holdings, Inc. (FNI), a diversified nickel producer with interests in cement and steel production, recorded a 14.5 percent growth in net income to P2.13 billion in the first nine months of 2022 from the P1.86 billion posted during the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “The results are driven by the Group’s flagship mining project in Surigao del Norte operated by Platinum Group Metals Corporation (PGMC).”

FNI's revenues on the sale of medium-grade nickel increased on the back of favorable forex rates and higher average realized price, while shipment volumes reel from inclement weather and a lower price for low-grade ore.

The sale of nickel ore for the nine months of 2022 slid 25.5 percent to 3.15 million wet metric tons (WMT) from 4.23 million WMT of nickel ore in the same period last year.

The Group only completed 58 nickel ore shipments against 78 shipments during the same period last year due to erratic weather conditions registering 161 rainy days to 137 last year.

The resulting sales mix was 78 percent low-grade ore and 22percent medium-grade ore in 2022 versus the previous period’s blend of 81 percent low-grade ore and 19 percent medium-grade ore.

Shipments consisted of 2.45 million WMT low-grade nickel ore and 0.70 million WMT medium-grade nickel ore compared to 3.424 million WMT low-grade nickel ore and 0.804 WMT medium-grade nickel ore in the same period in 2021.

The average realized nickel ore price for the period ended September 30, 2022 is $28.89 per WMT, lower by 6.1 percent compared to last year’s $30.78 per WMT.

Low-grade ore is $25.49 per WMT, lower by 14.4 percent against last year’s $29.79 per WMT. On the other hand, medium-grade ore stands at $40.79 a WMT, higher by 16.6 percent versus last year’s $34.99 per WMT.

The average realized Peso per Dollar exchange rate for the Group’s export revenues is P54.87 compared to P49.22 in the same period last year, higher by 11.5 percent.

“Overall outlook for FNI looks reassuring. With the opening of our Palawan mineral project, we expect healthier returns for our stakeholders. Although weather conditions have not been permissive, we have continued to improve our operations and pursue our expansion plans,” said FNI President Dante R. Bravo.

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