Global Ferronickel Holdings, Inc. (PSE: FNI), one of the biggest nickel ore producers in the Philippines, announced strong financial results for the first three months of 2026, according to a press release dated May 20, 2026.

What Are the Main Numbers?

Think of a company’s earnings report like a report card. Here’s what FNI showed for January to March 2026:

• Total revenues: ₱1.646 billion (this is how much money they made from selling their products)
• Net income: ₱478.0 million (this is the profit left after paying all expenses)
• Earnings per share: ₱0.0935 (this means for every share of FNI stock someone owns, the company earned about 9 centavos)

The most impressive part? Their net income shot up by 169.9% compared to the same period last year when they only made ₱177.3 million. That’s almost three times more profit!

Why Did They Make More Money?

FNI mines nickel ore in Palawan, and two main things helped them earn more:

1. They shipped more nickel ore: They sent out 550,632 wet metric tons of nickel ore to customers in China, which is 8.9% more than the 505,459 tons they shipped in the first quarter of 2025. Imagine shipping more truckloads of material – more shipments mean more sales.

2. Prices went up: The average price they received for their nickel ore increased by 23.0% to US$50.57 per wet metric ton, compared to US$41.13 per ton a year earlier. This price increase happened because there’s less nickel ore available in the market, partly due to Indonesia (another big nickel producer) limiting how much they export, and supply problems caused by tensions in the Middle East.

Understanding the Different Grades

This quarter, FNI sold a mix of different quality nickel ore: 80% was medium-grade (decent quality) and 20% was low-grade (lower quality). Last year during the same period, they sold 100% medium-grade. All their products went to customers in China.

What About Their Expenses?

While FNI made more money, they also spent more:

• Cost of sales: ₱544.2 million (up 2.2% from ₱532.3 million) – this covers the direct costs of producing and mining the nickel ore
• Operating costs: ₱530.2 million (up 22.4% from ₱433.3 million) – this includes taxes, royalties, administrative expenses, and shipping costs

The good news is that even with higher costs, FNI still made much more profit because their revenues grew even faster.

What the Company President Said

Atty. Dante R. Bravo, FNI’s President, explained that their Palawan operations performed well because of better planning, improved efficiency, and careful management. He also mentioned that despite pressures on costs affecting the whole industry, they focused on working smarter and preparing for long-term growth.

Going Green

FNI is also working on being more environmentally friendly. During the quarter, they started using electric dump trucks to reduce pollution and grew 31,500 seedlings to plant trees in areas where they’ve mined.

What’s Next?

According to Bravo, FNI’s mining operations in Surigao (another location in the Philippines) will start their mining season in the second quarter of 2026. This should help the company build on the strong performance from their Palawan operations and potentially improve results even more for the rest of the year.

About Global Ferronickel Holdings, Inc.

FNI is a holding company whose main business is through Platinum Group Metals Corporation, which is the second largest nickel ore producer in the Philippines. They have mining sites in Claver, Surigao del Norte and Brooke’s Point, Palawan. The company is also looking to expand into other businesses like nickel processing, cement manufacturing, and port operations.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.