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Due to its higher liquefied petroleum gas (LPG) sales, Pryce Corp. saw a 48-percent profit growth in the first quarter.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, April 28, Pryce said its net income for the first three months of this year increased to ₱1.06 billion from ₱713.67 million during the first quarter of 2024.
According to Pryce, the volume of LPG sales in Visayas and Mindanao jumped by eight percent to ₱362 million.
Because of growing LPG sales, which make up 93 percent of the firm’s total earnings, Pryce’s revenues climbed by 14.24 percent to ₱5.36 billion.
Additionally, the first-quarter income from operations inched up by 3.75 percent to ₱889.01 million, while operating expenses (opex) were down by 1.6 percent due to turnover of selected sales centers to the dealers.
Pryce noted that its opex’s marginal drop would have saved on rent, fuel, and maintenance expenses.
Meanwhile, its industrial gas sales increased by 66.2 percent to 712,149.
“This growth is due to the company’s aggressive marketing of its oxygen products following the start of operations of its liquid oxygen facility (LOF) in Cagayan de Oro City,” it stated.
Pryce hopes to increase its activities in the industrial gas sector, as it stated that, “For the next two to three years, the company believes that its industrial gas business can contribute ₱400 million to ₱600 million to the company’s annual net income provided that its sales reaches the level of 90 to 95 percent of the LOF’s capacity.”
Last year, the company’s net income stood at ₱3.07 billion, higher than 2023’s ₱2 billion.
