Pryce Corporation (PPC) records a 31.58% increase in the company’s comprehensive unaudited net income, amounting to Php 2.219 billion from Php 1.686 billion.
In a disclosure to the Philippine Stock Exchange (PSE), Prcye said that the increase came from the sales growth of Liquefied Petroleum Gas, rising from 276,709 tons in 2022 to 298,499 tons in 2023, racking up a 7.9% surge.
Furthermore, PPC’s consolidated revenue also saw a 2.61% increase from last year’s Php 18.77 billion to Php 19.26 billion this year. However, the average Contract Price (CP) suffered a hit by 21.57%, from US $ 735.04 per MT to US $ 576.46 per MT.
Pryce explained that the decrease in CP also meant a decrease in the domestic prices of LPG and LPG revenues, saying, “The increase in consolidated revenues could have been higher had it not been for the CP decline.”
Meanwhile, PPC’s LPG business division accounted for 94.16% of the consolidated revenues, or roughly around Php 18.13 billion. The industrial gases segment contributed 4.12%, or Php 793.26 million; pharmaceuticals contributed 0.23%, or Php 44.68 million; and real estate contributed 1.49% or Php 287.30 million.
Due to general inflation, as well as increases in gasoline, payroll, and logistics, the company’s operational expenses increased by 17.74%, from Php 2.12 billion to Php 2.50 billion.
