Pryce Corp. reported an 8-percent increase in consolidated net income in the first nine months of the year to P1.204 billion from P1.115 billion year-on-year.
Pryce disclosed to the Philippine Stock Exchange gross revenues rose 4.2 percent to P7.887 billion in the nine-month period from P7.570 billion on year.
“The above growth in revenues was achieved mainly due to a 9-percent growth in sales of LPG content, the company’s principal source of revenues,” it said.
Pryce said the sales volume of liquefied petroleum gas or LPG grew to 162,560 metric tons in 2019 from 149,160 MT in 2018 with the completion of some refilling plants and the increase in bulk sales in the Vis-Min areas contributing to the rise.
Average LPG contract price during the nine-month period stood at $439 per metric ton, down 18.8 percent from $541 last year.
LPG sales revenues, which include sales of LPG content, cylinders, LPG generators, and LPG stoves and accessories, accounted for the bulk of the company’s revenues at 93.64 percent in 2019, equivalent to P7.386 billion.
Revenues from other product lines such as industrial gases, real estate, and pharmaceutical products contributed P501.43 million during the period, or 6.36 percent of total revenues.
Sales of industrial gases increased by 6.7 percent to P341.46 million from P320.08 million.
Sales of pharmaceutical products rose 18 percent to P37.32 million from P31.62 million.
Pryce said although a modest contributor to total revenues, the pharmaceutical business of the company had consistently risen in terms of revenues and income over the past recent years.
“The company is optimistic that it will meet its projected net income of P1.6 billion (plus or minus 10 percent) for 2019. The last quarter is usually the strongest in terms of LPG sales and income for the company because of the December festivities/holidays,” it said.
Pryce is also starting to generate incremental LPG volume from the expansion of refilling plants and sales centers.