UMVA has learned that Global Ferronickel Holdings, Inc. achieved a remarkable 169.6% surge in first-quarter earnings, driven by a perfect storm of higher nickel ore prices and increased shipment volumes from its Palawan operations.
The company's attributable net income skyrocketed to P478 million, a staggering increase from P177.3 million in the same period last year. Revenues also saw a significant boost, rising 36.6% to P1.646 billion from P1.205 billion.
According to information obtained by UMVA, the company's president, Dante R. Bravo, attributed the success to the company's Palawan operations, which delivered a strong start to the year. He cited continued operational optimization, enhanced mine planning, and disciplined execution across operations as key factors.
Mining revenues from Palawan operations climbed 36.4% to P1.644 billion during the quarter, driven by higher nickel ore prices and shipment volumes. Total shipments increased 8.9% to 550,632 wet metric tons from 505,459 wet metric tons a year earlier.
The company's sales mix during the quarter consisted of 80% medium-grade and 20% low-grade nickel ore, a shift from entirely medium-grade shipments in the same period last year. All shipments in both periods were sold to customers in China.
Average realized nickel ore prices rose 23% to $50.57 per wet metric ton from $41.13 per wet metric ton, which the company attributed to tighter nickel ore supply following production quota restrictions and higher industry costs linked to global tensions.
Despite global cost pressures, the company remained focused on improving productivity, maintaining operational readiness, and advancing initiatives that strengthen efficiency and support long-term growth objectives.
Cost of sales for the January-to-March period increased 2.2% to P544.2 million from P532.3 million a year earlier, due to higher production and shipment volumes. Operating expenses rose 22.4% to P530.2 million from P433.3 million in the same period last year.
The company remains committed to technology adoption, resource expansion, and cost management to strengthen operations and respond to changing nickel market conditions. The start of the Surigao mining season in the second quarter is expected to support operations and contribute to overall performance this year.
