Bilyonaryo - Business

FNI expects to sustain growth in 2023 on higher nickel prices, China’s reopening

March 27, 2023

Bilyonaryo.com

Global Ferronickel Inc. (FNI) expects to maintain profitability throughout the year as it benefits from higher nickel prices and the reopening of the Chinese economy.

FNI reported a net income of P2.2 billion last year, up nine percent despite a 13 percent decline in revenues due to adverse weather.

The company’s shipped volume also decreased by 24 percent last year.

FNI president Dante Bravo, said that the company plans to expand its nickel ore production by 20 percent this year, with the addition of the Palawan mine.

This should allow FNI to carry out production all year-round and generate improved financial growth as they integrate the business.

Bravo also noted that FNI’s medium-term strategy includes the construction of a steel processing plant in Bataan and the development of a nearby port.

its nickel ore production by 20 percent with the addition of the Palawan mine, which has an annual production capacity of 1.5 million WMT.

“The start of commercial operations at the Palawan mine along with the acquisition of 20 percent interest of GCTN (Guangdong Century Tsingshan Nickel Industry), both in the fourth quarter, should enable us to carry out production all year-round and generate improved financial growth as we scale and integrate the business,” Bravo said.

“We believe this positions us to achieve more consistent profitability throughout the year. It will also allow us to benefit from higher nickel prices and China’s ongoing reopening, which is expected to prompt a rebound in stainless steel production and in the new energy vehicle supply chain,” he added.

Bravo said FNI is also on track with with medium-term strategy, which includes the construction of a steel processing plant in Bataan and the development of a nearby port.

Related News Tags: economy, Global Ferronickel Inc. (FNI), nickel

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