PRYCE CORP. reported a 30.34% increase in net income for 2024, primarily driven by improved margins in its liquefied petroleum gas (LPG) products, with notable growth in the Luzon market.
The company’s net income stood at P3.07 billion, up from P2.36 billion in 2023, it said in a media release on Tuesday.
Pryce said that its consolidated revenues grew by 6.3% to P20.47 billion from the previous year’s P19.26 billion.
LPG revenues contributed a significant portion, increasing by 5.8% to P19.18 billion, supported by a rise in the average contract price by 5.5% to $608.38 per metric ton.
Part of the total revenues also came from industrial gases, which contributed P913.57 million, or 4.46%.
Revenues were further bolstered by the operation of its air separation plant in Mindanao, producing a total daily capacity of 7,200 equivalent standard cylinders (ESC) for oxygen, 1,500 ESC for nitrogen, and 200 ESC for argon. Consequently, industrial gas volume increased by 34% to 2.03 million cylinders.
Other business segments contributed as well: memorial park operations accounted for P326.78 million, or 1.60%, while pharmaceutical products represented P46.53 million, or 0.23%.
Pryce said its gross profit for 2024 rose by 16% to P6.48 billion, despite a 2.4% increase in its cost of sales and services to P13.99 billion.
“With all these developments, Pryce is committed to taking a more proactive approach to increase industrial gas sales volume, particularly with respect to the supply and distribution of its medical oxygen, nitrogen, argon, and other industrial gas products in the Visayas and Mindanao regions,” the company said.
Pryce was established as a property holding and real estate development company, involved in the development of memorial parks and the sale of memorial lots.
Pryce Gases, Inc., the company’s major subsidiary, is engaged in the importation and distribution of LPG and also produces and sells industrial gases. Another subsidiary, Pryce Pharmaceutical, Inc., is a wholesaler and distributor of private-branded multivitamins and some over-the-counter generic drugs.
At the local bourse on Tuesday, shares in the company climbed by 1.90% to close at P10.70 each. — Sheldeen Joy Talavera