Pryce earnings rise to P1.22 billion

MANILA, Philippines — Pryce Corp. posted a minimal increase in its net income in the three quarters of the year to P1.22 billion, driven by sales of liquefied petroleum gas (LPG).

In a disclosure to the Philippine Stock Exchange, Pryce said net income for January to September amounted to P1.22 billion, 1.24 percent higher than the P1.207 billion in the same period last year.

Consolidated revenues of the company grew 14.03 percent to P8.994 billion from P7.887 billion in the same period a year ago.

“The increase in gross revenues is largely explained by the growth in sales volume of LPG content,”Pryce said.

LPG revenues in the nine-month period jumped 15.45 percent, accounting for almost 95 percent of the company’s consolidated revenues.

This consists of sales of LPG content, cylinders, LPG generators, and LPG stoves and accessories.

Pryce reported that LPG sales volume grew 9.5 percent to 178.05 thousand metric tons (MT) in 2020 from 162.56 thousand metric tons (MT) in the same period in 2019.

It emphasized that the Peso-sale of LPG content would have been higher if the average international LPG contract price did not fall during the period.

Average international LPG contract price during the period under review dropped to $394.28 per metric tons (MT), 10.23 percent lower than the $439.22 per MT in the same period a year ago.

Meanwhile,revenues from other products such as industrial gases, real estate, and pharmaceutical products accounted for 5.19 percent of consolidated revenues, translating to a P466.70 million contribution.

Sales of industrial gases decreased by 5.12 percent during the period to P323.97 million in 2020 from P341.46 million in the same period in 2019.

Similarly, sales of real estate products also decreased by 18.25 percent to P100.26 million.