GLOBAL Ferronickel Inc. (FNI) will continue a buyback program and acquire 2 percent of the firm’s outstanding common shares over the next three years.
“The board of directors approved to continue the company’s previously approved buyback program and acquire up to 2 percent of its outstanding common shares at market price over the next three years,” FNI said in a disclosure on Thursday.
“This initiative is part of the company’s ongoing commitment to enhance shareholder value and reflects the board’s confidence in the company’s long-term growth prospects,” it added.
This will be subsidized from internally generated funds, subject to the availability of undistributed retained earnings.
As of end June 2024, the acquisition of treasury shares from FNI’s buyback program totaled P48 million, according to its quarterly report.
FNI’s retained earnings as of June 30 rose to P7.68 billion from P7.47 billion a year earlier.
Meanwhile, it recorded a lower consolidated net income of P201.4 million in the first half of this year, 67.8 percent lower compared to P625.3 million in 2023.
The mining firm’s net income attributable to shareholders was down 40.8 percent to P207.1 million, while on a per-share basis, the company’s earnings stood at P0.0404 apiece compared to P0.0676 during the previous year.
FNI shares were unchanged at P1.25 apiece on Thursday.
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