Early shipment ore shipment and higher nickel prices led to a 1,568 surge in the attributable net income of Global Ferronickel Holdings, Inc. to ₱177.3 million in the first quarter of 2025 from just ₱10.6 million a year ago.

The firm reported to the Philippine Stock Exchange that its revenues more than double to ₱1.21 billion from the ₱589.9 million registered in the first quarter last year.

First quarter mining revenues from Palawan reached ₱1.21 billion, up by 105.6 percent compared to ₱586.2 million in the same period last year, while shipment volumes totaled 505,459 wet metric tons (WMT), up by 32.5 percent from 381,002 WMT in 2024.

The average realized nickel ore price rose from $27.42 to $41.13 per wet metric ton (WMT), a 50.0 percent improvement year-on-year, primarily driven by favorable nickel ore prices due to constrained ore supply.

“The early shipment of medium-grade nickel ore to China sets a strong tone for the year. We remain focused on process optimization and innovation to navigate market shifts and geopolitical uncertainties, and to seize growth opportunities,” said FNI President Dante R. Bravo.

Cost of sales amounted to ₱532.3 million, up by 71.9 percent from ₱309.7 million, reflecting higher shipment volumes during the quarter. Operating costs, namely excise taxes and royalties, general and administrative, and shipping and distribution went up by 55.0 percent, from ₱279.6 million in the same period last year to ₱433.3 million this year.

The increase is attributable largely to the timing difference in business tax settlements and provisions for Input VAT impairment.

“We look to advance strategies that grow our resource base, expand our customer reach, and solidify our role in the nickel value chain. This is how we plan to sustain our goal of creating meaningful long-term impact for all our stakeholders,” Bravo said.