Pryce Corp. (PPC), one of the Philippines’ leading liquefied petroleum gas (LPG) providers, recorded a robust 30.40% increase in net income for 2024, reaching P3 billion from P2.356 billion in the previous year. This growth was primarily attributed to stronger margins in its LPG business, particularly in Luzon, where demand surged alongside global price hikes.
According to its latest financial disclosure, PPC’s consolidated revenues rose by 6.3%, climbing to P20.47 billion from P19.26 billion in 2023. LPG remained the dominant driver, contributing P19.18 billion or 93.71% of total revenues. The average global contract price for LPG rose by 5.5%, hitting $608.38 per metric ton (MT) compared to $576.46 per MT the previous year, boosting PPC’s revenue growth.
While LPG remains its core business, PPC has been steadily expanding into industrial gases, which saw a notable 15.2% revenue increase. The company’s newly operational Mindanao air separation plant played a pivotal role, increasing industrial gas sales volume by 34%. The plant, which produces 7,200 equivalent standard cylinders (ESC) of oxygen, 1,500 ESC of nitrogen, and 200 ESC of argon daily, has strengthened PPC’s industrial gas supply chain, particularly in the Visayas and Mindanao markets.
PPC’s memorial park operations and pharmaceutical division also contributed to overall revenue, albeit at smaller proportions. Memorial parks brought in P326.78 million (1.6% of total revenue), while pharmaceutical sales totaled P46.53 million (0.23%).
The company’s gross profit climbed 16% to P6.48 billion, even as the cost of sales and services increased to P13.99 billion. Meanwhile, income from operations surged by 27.6% to P3.82 billion, despite a slight 2.4% rise in operating expenses, which reached P2.66 billion.
Looking ahead, PPC plans to further strengthen its industrial gas division, focusing on medical oxygen, nitrogen, and argon distribution across Visayas and Mindanao. This move aligns with the growing demand for high-purity gases in healthcare, manufacturing, and other industrial sectors.
With consistent revenue expansion, diversified product offerings, and strategic investments, Pryce Corp. remains well-positioned for sustained growth in both its LPG and industrial gas businesses.
How do you see PPC’s expansion into industrial gases impacting its future? Share your thoughts in the comments below and follow us for more energy industry updates!
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