Higher shipments push FNI income in H1

Global Ferronickel Holdings, Inc. (FNI), the country’s second-largest nickel ore producer, saw its income surging to ₱640.8 million during the first half of the year, compared to the ₱195.8 million it had in the same period last year due to higher shipments. As for revenues, the company saw a 68.9 percent yearon-year increase, from ₱1.54 billion to ₱2.61 billion year-on-year, mainly due to higher nickel ore prices and increased shipment volume. FNI President Dante R. Bravo said the company “garnered more favorable results this year as the market experienced a big jump in the price of low-grade nickel ore.” “We did not experience a stoppage of operations as what happened in April last year,” Bravo further said. To be specific, during the first six months of the year, FNI completed 32 nickel ore shipments against the 23 shipments during the same period last year, resulting in a 38.3 percent increase in shipment volume to 1.740 million wet metric tons (WMT) against the 1.258 million WMT in 2020. These were 100 percent exported to China and consisted of 1.465 million WMT lowgrade nickel ore and 0.275 million WMT medium-grade nickel ore. The resulting sales mix is 84 percent lowgrade ore and 16 percent mediumgrade ore in 2021 compared to 52 percent low-grade ore and 48 percent medium-grade ore in the previous year. (Madelaine B. Miraflor)