PRYCE Corp. reported an unaudited consolidated net income of P1.59 billion for 2020, higher by 4.87% than what it earned a year earlier, as the company recorded a double-digit rise in revenues.
Consolidated revenues rose to P11.71 billion in 2020, up by 10.14% from P10.63 billion in 2019, due to higher sales of liquefied petroleum gas (LPG) products.
In a statement released on Thursday, the company said it finished the year with LPG sales totaling P11.05 billion, which is 10.5% higher than LPG sales posted in 2019 worth P10 billion.
LPG sales made up 94% of the company’s 2020 aggregate revenues.
LPG products, which include cooking gas, cylinders, gensets, stoves, and accessories, have consistently accounted for over 90% of the company’s consolidated revenues.
The listed company reported its LPG sales volume climbed by 10.27% to 242,474 metric tons (MT) compared to the 219,884 MT sold in 2019.
However, Pryce Corp. said earnings from LPG products could have been higher if the average international LPG contract price did not fall by 8.6% to $401.75 per MT from its 2019 contract price of $439.54 per MT.
“The peso sale of LPG would have been higher had it not been for such drop in average [contract price] and, consequently, of domestic LPG prices,” the listed company said.
Meanwhile, industrial gas sales contributed P449.87 million or 3.84% of aggregate revenues, 0.54% lower than the previous year’s P452.30 million.
Figures for the company’s real estate sales and pharmaceutical products were not disclosed, but the statement said these made up for 1.81% of company revenues.
Pryce Corp. shares at the stock exchange closed unchanged at P5.30 apiece on Thursday. — Keren Concepcion G. Valmonte