Listed Pryce Corp. registered a net income of P711. 89 million in the January to June period of this year due to growing sales of liquefied petroleum gas (LPG).
The recorded net income is 22.34 percent higher from P581.90 million last year, which they attributed to the overall improvement to the growth in consolidated revenues.
The company said its gross revenue reached P4.83 billion, up 14.18 percent from last year’s P4.23 billion.
91.45 percent of the group’s total revenue accounted to LPG sales. Sale of industrial gases, real estate, and pharmaceutical products accounted for the balance.
LPG sales increased by 6.96 percent from 91,243 metric tons (MT) to 97,590 MT.
The growth in sales volume was attained due to growing demand in fuel for household cooking, despite rising LPG prices, Pryce said.
“The average LPG contract prices, affecting LPG consumer behavior, increased to $515 per MT from last year’s $477 per MT, or roughly about 8 percent,” it said.
Visayas and Mindanao regions registered a higher volume growth in LPG sales at 13.48 percent, while growth in Luzon was at 2.35 percent.
Other subsidiaries recorded positive growths with 10.1 percent increase for industrial gases and 47.09 percent jump for pharmaceutical products.
Pryce is continuing with its expansion program to further its financial growth.
“The ongoing expansion projects on the company’s marine-fed terminals and refilling plants nationwide are expected to encourage growth in LPG sales volume in the second half of the year as the LPG product becomes available over a wider area and brought even closer to the market dealers and consumers,” it said.
The company is confident to achieve its profit goal for the whole year.
“All things considered, Pryce remains positive that it will achieve a 15 percent increase in LPG sales volume in the all-important VisMin areas and consequently earn a projected net income of P1.5 billion (plus or minus 10%) for the year 2018,” it said.