Pryce Corp. said Wednesday its net income grew 40 percent to P2.21 billion in the first nine months of 2024 from P1.58 billion a year ago as revenues rose 7 percent to P15.01 billion from P14 billion.
Pryce said in a disclosure to the stock exchange liquefied petroleum gas (LPG) contributed P14.07 billion or 93.77 percent of revenues during the period.
Industrial gases provided P665.51 million, or 4.43 percent, while revenues from memorial park operations contributed P233.56 million or 1.56 percent; and pharmaceutical products, P36.48 million or 0.24 percent.
Earnings per share climbed 42.6 percent from last year’s P0.760 to this year’s P1.084.
Gross profit in the first nine-month period also improved by 29.4 percent to P4.41 billion from last year’s P3.69 billion, despite the 2.78-percent increase in cost of sales and services, from P10.31 billion to P10.60 billion.
The company attributed the higher gross profit to the improvement of LPG margins in Luzon, brought by the ongoing shift in revenues to sales of branded LPG from generic sales and the lower landed cost of LPG due to the renewal of supply contracts with improved terms.
Income from operations went up by 23.32 percent to P2.64 billion from last year’s P2.14 billion, even with the corresponding increase in operating expenses by 14.4 percent to P1.77 billion from P1.55 billion.
Pryce said that in line with its move to boost its industrial gases arm, it intensified the marketing of its industrial gas products, resulting in an increase in total sales volume by 27.4 percent year-on-year.
“This increase laid down a strong foundation for the commencement of PPC’s operation of its air separation facility in Mindanao after a one and a half-year construction period. With these developments, PPC foresees the potential of its industrial gas business to contribute substantial income in the succeeding periods,” the company said.
