Global Ferronickel earnings down 51% due to prices

Global Ferronickel Holdings Inc. reported a significant drop in earnings for 2024. The company's net income fell by 51 percent due to lower nickel ore prices. It earned P743.9 million, down from P1.5 billion the previous year. In a stock exchange announcement, Global Ferronickel mentioned that revenue decreased by 13 percent to P7.6 billion. The decline in nickel ore prices impacted earnings, even though the company managed to sell more volume. President Dante Bravo said that despite market challenges, the company is focused on long-term growth. They have achieved a 15.5 percent increase in the total volume shipped, reaching 5.448 million wet metric tons. However, the price received for nickel ore fell by 27.1 percent to $24.26 per wet metric ton. Both mine sites in Surigao and Palawan experienced lower revenues in 2024. The company aims to strengthen its position and explore new revenue opportunities in the future.