Pryce Corp. said Tuesday it posted a net income of P3 billion in 2024, up 30.4 percent from P2.356 billion in 2023 on improved margins of its liquefied petroleum gas (LPG) products in Luzon.
The company said in a disclosure to the Philippine Stock Exchange consolidated revenues also went up by 6.3 percent to P20.47 billion from P19.26 billion, with LPG as the largest contributor.
LPG revenues climbed 5.8 percent to P19.18 billion last year from P18.13 billion in 2023 partly due to the rise in the average contract price by 5.5 percent to $608.38 per metric ton (MT) from $576.46 per MT.
Pryce said the LPG segment contributed P19.18 billion or 93.71 percent of total revenues, industrial gases provided P913.57 million or 4.46 percent; revenues from memorial park operations pitched in an aggregate of P326.78 million or 1.60 percent; and pharmaceutical products added P46.53 million or 0.23 percent.
The company said the 2024 gross profit improved by 16 percent to P6.48 billion despite the 2.4-percent increase in its cost of sales and services.
Income from operations went up by 27.6 percent to P3.82 billion from P2.99 billion in 2023, despite the 2.4-percent rise in operating expenses.
Pryce said the start of commercial operations of its Mindanao air separation plant, which produces total daily capacity of 7,200 equivalent standard cylinders (ESC) for oxygen, 1,500 ESC for nitrogen and 200 ESC for argon also pushed up industrial gas sales volume by 34 percent to 2.03 million.
Revenues from industrial gas went up 15.2 percent to P913.57 million in 2024 from P793.26 million in 2023.
Pryce said it is committed to increasing its industrial gas sales volume, specifically the supply and distribution of its medical oxygen, nitrogen, argon and other industrial gas products in the Visayas and Mindanao regions.
