Listed mining firm Global Ferronickel Holdings Inc. (FNI) reported a 43% rise in profit in 2020, thanks to higher nickel ore prices in the world market.
In a press release, FNI said its net income stood at P1.86 billion last year, driven by a 9.1% increase in revenues to P7.26 billion.
“Nickel ore shipments went down 4.5% to 5.625 million WMT (wet metric tons) in 2020 compared to 5.890 million WMT as a result of the temporary suspension of operations in April to combat the spread of the coronavirus,” FNI said in a statement.
The company was only able to ship 103 vessels last year, five vessels less than the number in 2019.
However, higher prices of nickel had a positive effect on the company’s top line last year.
“Despite the decrease in volume versus the previous year, the higher prices of nickel in 2020 had a positive impact on our top line and improved efficiency in our operations had contributed to our bottom line growth,” FNI President Dante R. Bravo was quoted as saying.
The average realized nickel ore price in 2020 hit $26.16 per WMT, which was 20% higher year on year.
FNI did not give its net income attributable to equity holders of the parent.
This year, FNI is targeting to ship 6 million WMT of nickel ore.
Shares of FNI inched up 0.37% or 1 centavo to finish at P2.72 apiece on Friday. — Angelica Y. Yang