Increased LPG sales propelled Pryce’s profit to P2.22 billion in 2023

PRYCE Corp. saw a 31.6% increase in its 2023 net income to P2.22 billion from P1.69 billion a year earlier, driven by higher sales volume of liquefied petroleum gas (LPG), the listed company announced on Thursday.

The company’s consolidated revenues grew by 2.6% to P19.26 billion from P18.77 billion in the previous year, it said in a regulatory filing.

Pryce Corp., through its major subsidiary Pryce Gases, Inc., imports and distributes LPG under the brand “PryceGas” and produces industrial gases.

The sales volume of LPG “grew by 7.9%, from 276,709 tons in 2022 to 298,499 tons in 2023,” the company said.

“The growth in net income is attributed to the improvement of LPG margins, particularly in the Luzon market,” it added.

The company said that its LPG business segment accounted for P18.13 billion or 94.16% of the total consolidated revenues.

“The other segments and their respective contributions consist of the following: industrial gases P793.26 million or 4.12%, real estate P287.3 million or 1.49%, and pharmaceuticals P44.86 million or 0.23%,” Pryce Corp. said.

The company owns and operates 13 memorial parks in major cities across Mindanao, including Cagayan de Oro (CDO), Iligan City, Ozamiz, Polanco, Zamboanga City, and Davao City, as well as smaller parks in secondary cities or major municipalities like CDOManolo Fortich, Malaybalay City, Malita, Bislig, Alabel, Pagadian City, and Butuan City.

Pryce Pharmaceuticals, Inc., another subsidiary, acts as a wholesaler and distributor of multivitamins and select over-the-counter generic drugs.

Pryce Corp.’s operating expenses increased by 17.74%, going to P2.5 billion in 2023 from P2.12 billion in 2022, attributed to general inflation and rises in compensation, logistics, and fuel costs, the company noted.

At the local bourse on Thursday, shares in the company closed at P5.20 apiece.