Global Ferronickel Holdings Inc. | PHOTO: Facebook page of Global Ferronickel Holdings Inc. (FNI)
MANILA, Philippines — Listed mining company Global Ferronickel Holdings Inc. reported a 51-percent decrease in net income in 2024 as lower nickel ore prices slashed its revenues.
In a stock exchange disclosure on Wednesday, Global Ferronickel said net income attributable to equity holders of the parent firm had totaled P743.9 million in 2024 compared with the P1.5-billion profit a year prior.
“While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies,” Global Ferronickel President Dante Bravo said on Wednesday.
“In 2024, we sustained double-digit volume growth, reduced our average cash operating cost per volume sold and reinvested back in the business. 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,” he added.
Revenues decreased by 13 percent to P7.6 billion last year, pulled down by a decline in nickel ore prices, although it was partially offset by strong volumes.
READ: Global Ferronickel net income dives by 60.7% from Jan-Sept 2024
Both Surigao and Palawan mine sites registered lower revenues in 2024.
Total volume shipped rose by 15.5 percent to 5.448 million wet metric tons. However, realized nickel ore price reached $24.26 per WMT, down 27.1 percent.
READ: PH exporters doubtful of meeting shipment goals