Listed Global Ferronickel Holdings Inc. (FNI) saw its net income more than double to P1.3 billion last year amid better nickel ore prices in the world market.
In a regulatory filing, FNI, the second largest nickel producer in the country and the largest single lateritic mine exporter in the world, saw revenues improve 21.3 percent to P6.65 billion on higher nickel ore prices and volume shipped.
The average realized price of nickel ore sold last year increased by 21 percent to $21.87 per wet metric tons.
Due to favorable weather conditions and increased operational efficiency, FNI was able to complete 108 shipments of nickel ore as against 103 shipments a year ago.
These shipments sold solely to customers in China consisted of 2.66 million WMT low-grade nickel ore and 3.23 million WMT medium-grade nickel ore.
“Despite the challenges brought about by the pandemic, we continue to build on the success of last year and remain optimistic that we can meet our adjusted shipment target of five million WMT for 2020,” FNI president Dante Bravo said.
FNI continues to push for the shipment of higher-grade nickel ores with 1.65 percent nickel content to take advantage of its relatively high price with better margin.
On the long term, FNI’s strategy is designed to maximize the profitability of its existing base of operations while driving growth through continued exploration and development of the Cagdianao mine, expansion of its customer base, ongoing monitoring of value-added opportunities, particularly in downstream processing, and opportunistic acquisition of other suitable properties and businesses. By: Louise Maureen Simeon (The Philippine Star )
Source: Peso Economics
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