Global Ferronickel Holdings Inc., (GFNI) a leading nickel ore producer in the Philippines, said it expects a double-digit revenue growth in 2025 on the back of higher production.
GFNI said in a disclosure to the stock exchange Wednesday production from Palawan mine is expected to double to 3 million wet metric tons (WMT) this year from 1.5 million WMT last year.
Increased productivity from Surigao mine and improved contribution from port operations in Bataan will also contribute to higher top-line for this year, it said.
GFNI said it also earmarked P711.8 million for 2025 capital investments to finance strategic priorities.
These include the development of existing mines and expansion of resources, with ongoing exploration permit applications in North Luzon, Eastern Samar, Camarines and additional areas in Surigao.
It also covers further investments in warehouse and container terminal in Bataan as well as pursuing value-added nickel processing, primarily ferronickel and battery-grade nickel facilities.
GFNI booked P743.9 million in net income in 2024, down by more than 50 percent from P1.5 billion from in 2023 on to lower revenues.
Mining revenues stood at P7.59 billion, down 13.4 percent year-on-year on lower nickel ore prices which was partially offset by strong volumes.
“While market conditions are beyond our control, we are laying a strong foundation for the future by funding growth and unlocking efficiencies,” said GFNI president Dante Bravo.
“In 2024, we sustained double-digit volume growth, reduced our average cash operating cost per volume sold, and reinvested back in the business. Looking ahead, we will build on these achievements as we continue to advance on our strategy to capture new revenue streams and deliver profit growth,” said Bravo.
The average realized nickel ore price declined 27 percent to $24.26 per wet metric ton (WMT) from $33.28 in 2023. Total volume shipped rose 15.5 percent to 5.448 million WMT, with growth in both Surigao and Palawan mine sites.