Pryce income climbs 12% on higher LPG sales, prices
PRYCE Corp. on Wednesday reported a 12.1% increase in its 2021 unaudited comprehensive net income to P1.82 billion from P1.62 billion a year earlier after it recorded higher sales of liquefied petroleum gas (LPG) products and the higher LPG contract prices.
In its disclosure to the exchange, Pryce said that its consolidated revenues last year climbed by 31.2% to P15.37 billion from P11.71 billion previously.
The company has yet to submit a financial report for the fourth quarter alone.
It attributed the annual revenue growth mainly to the 11.9% jump in sales volume of cooking gas and higher contract prices at $635.08 per metric ton (MT), up 58.1% from $401.74/MT a year earlier.
Pryce’s LPG business, through its subsidiary Pryce Gases, Inc., accounted for 96.7% or P14.25 billion of its consolidated revenues, while its industrial gas products had a share of 5.7% or P874.04 million.
Meanwhile, the company’s real estate and pharmaceutical businesses generated P250 million or 1.62% of the consolidated revenues. Pryce, which was established as a property holding and real estate development company, owns and operates 13 memorial parks in Mindanao.
The company said its operating expenses also went up by 38.9% to P1.80 billion in 2021 due to the on-going expansions of its LPG home delivery fleet and LPG infrastructure, including import marine terminals, refilling plants, and sales centers.
“These expansions are already making contributions to the growth of retail sales in 2021,” the company said in a statement.
Last December, Pryce completed the construction of a new import marine terminal with a 4,000-MT capacity in Misamis Oriental’s Lugait town. The company expects to finish another marine terminal in Lila, Bohol by the fourth quarter this year.
Pryce will have a total of 10 import marine terminals all over the country by the fourth quarter to bring its storage capacity to 38,840 MT.
Last year, the company said it built three refilling plants and 178 new sales centers nationwide.
“A deeper penetration of the LPG retail market is expected from such expansions and, correspondingly, more sales revenues in the next 2 or 3 years,” Pryce said.
At the local bourse, Pryce shares were unchanged on Wednesday, closing at P6.00 apiece. — Marielle C. Lucenio