Pryce Corporation registered a 6.08% growth in its net income to Php423 million in the first three months of 2021 from Php399 million in the same period in 2020 due to an increase in the sales of its liquefied petroleum gas (LPG) products.
In a disclosure to the Philippine Stock Exchange this week, Pryce said that its revenues went up by 9.28% to Php3.47 billion from Php3.18 billion year-on-year.
LPG sales volume particularly improved by 6.1% to 59,247 metric tons (MT) from 55,843 MT previously. Revenue growth was also supported by the 9.52% increase in the average LPG contract price to $577/MT in the first three months of the year from $526.83/MT in the same period last year.
Even with larger operating expenses, the company said that it was able to increase its profit due to its expansions of refilling plants and sales centers. Its corporate income taxes were also reduced from 30% to 25% following the passage of Republic Act 11534 or the Corporate Recovery and Tax Incentives and Enterprises (CREATE) Act.
About 94.5% of Pryce’s consolidated revenues accounted to its LPG business; 3.9% came from the industrial gas product segment, while 1.6% came from the sales from the group’s real estate and pharmaceuticals businesses.
Pryce said it will be expanding its LPG business by building two more import-marine terminals in Visayas and Mindanao, which will be complemented by establishing additional refilling plants and sales centers nationwide.
Photo from Pryce website.