PRYCE CORP. hit its target profits for 2019 as its consolidated net income grew 7.58% to P1.51 billion.

In a statement Tuesday, the listed company said its revenues last year climbed 3.5% to P10.63 billion, driven by the continuous demand for its liquefied petroleum gas (LPG) products.

Pryce is an importer and distributor of LPG, which it sells under the brand name PryceGas. This comprises 94% of the company’s total revenues, along with cylinders and accessories and LPG generation sets.

The company said the slow growth in revenues from its LPG business last year is due to the lower average international LPG contract price of $439.5 per metric ton. This is 19% down from 2018’s average of $540 per metric ton. “Normally, local LPG prices follow or reflect the international contract price of LPG,” it said.

Despite this, the company’s LPG sales volume rose 9% to 220,193 metric tons. Operations in Luzon saw a 9.69% growth in sales volume, while Visayas and Mindanao posted a combined growth of 8.35%. Pryce said this is reflective of the Department of Energy’s data that LPG demand in Luzon and Metro Manila is 79% of the country’s total, while Visayas and Mindanao account for the remaining 21%.

Other revenues streams of Pryce are from sales of industrial gases, real estate and pharmaceutical products.

“The company is optimistic about its prospects for 2020 on account of strong household incomes given steady overseas Filipino worker remittances and new job opportunities in a growing economy,” it said.

“This is a welcome environment for our company’s expansion projects. This will be complemented by vigorous marketing and sales efforts in order to widen the scope of our market and bring our LPG products closer to the consumers,” it added.

Shares in Pryce at the stock exchange increased 18 centavos or 3.83% to P4.88 each on Tuesday. — Denise A. Valdez