The Manila Times

Global Ferronickel earnings up 9%

BY ED PAOLO SALTING

GLOBAL Ferronickel Holdings Inc. (FNI) saw its net income grow by 9 percent in 2022 to P2.16 billion, from P1.98 billion a year earlier, as commercial nickel operations commenced in Palawan.

“Our performance during the year showed our company’s ability to evolve and make further progress against our strategic priorities,” Global Ferronickel President Dante R. Bravo said.

“Most notably, we completed the commissioning and started commercial export of nickel ore from our mine in Palawan, and also completed the acquisition of a 20-percent stake in Guangdong Century Tsingshan Nickel Industry Co. Ltd,” he added.

The firm owns a 33-hectare rotary kiln-electric furnace processing facility in China catering to customers from within and outside Guangdong’s Economic and Technological Development Zones.

Despite the increase in net income, the company’s revenues decreased to P6.73 billion from P7.71 billion due to adverse weather conditions. This, however, was partially offset by a rise in medium-grade ore prices and a favorable foreign exchange impact when compared to 2021.

Total shipped volume also declined by 24 percent to 3.735 million wet metric tons (WMT), which in turn affected the production of nickel ore.

The overall product mix for 2022 was 76 percent low-grade ore and 24 percent medium-grade ore with an average realized price of $31.68 per WMT, slightly lower by 0.3 percent than in 2021.

“The start of commercial operations at the Palawan mine along with the acquisition of 20 percent interest of GCTN, both in the fourth quarter, should enable us to carry out production all year-round and generate improved financial growth as we scale and integrate the business,” Bravo said.

“We believe this will position us to achieve more consistent profitability throughout the year,”

Global Ferronickel’s share price went up by seven centavos on Monday to P2.45 amid a 0.11-percent dip for the benchmark Philippine Stock Exchange index.

Corporate News

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2023-03-28T07:00:00.0000000Z

2023-03-28T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281951727071752

The Manila Times