FNI profit up 5.9%

MANILA, Philippines — Global Ferronickel Holdings, Inc. (FNI) saw a 5.9 percent increase in its net income to P1.98 billion in 2021 amid better nickel prices.

In a disclosure to the Philippine Stock yesterday, FNI said revenues rose 6.1 percent to P7.71 billion.

“2021 has been a good year for FNI as we received the Presidential Mineral Industry Environmental Award. It is the highest honor bestowed upon responsible mining companies by the Department of Environment and Natural Resources,” FNI president Dante Bravo said.

“We are also delighted with the continued surge in nickel prices, which has allowed us to grow our top and bottom line despite having experienced relatively bad weather conditions throughout last year’s mining season,” he said.

Despite the positive financial figures, FNI pointed out that the bad weather led to a lower shipment volume to 90 vessels of nickel ore for a total of 4.887 million wet metric tons (WMT) in 2021 against the 103 vessels totaling 5.625 million WMT in 2020.

“The resulting product mix was 77 percent (3.761 million WMT) low-grade ore and 23 percent (1.126 million WMT) medium-grade ore in 2021 versus last year’s mix of 68 percent (3.831 million WMT) low-grade ore and 32 percent (1.794 million WMT) medium-grade ore,” FNI said.