Pryce Corp. on Thursday reported a 31.58-percent increase in comprehensive unaudited net income in 2023 to P2.219 billion from P1.686 billion in 2022, driven by higher sales volume of liquefied petroleum gas (LPG).
Pryce said in a disclosure to the Philippine Stock Exchange that LPG sales volume grew 7.9 percent to 298,499 tons in 2023 from 276,709 tons in 2022.
“The growth in net income is due to the improvement of LPG margins, particularly in the Luzon market,” the company said.
Consolidated revenues increased 2.61 percent to P19.26 billion last year from P18.77 billion in 2022, despite the drop in the average LPG contract price by 21.57 percent to $576.46 per MT from $735.04 per MT in 2022.
Pryce said a decline in LPG CP translates to a drop in domestic prices of LPG, which results in lower revenues.
“The increase in consolidated revenues could have been higher had it not been for the CP decline,” it said.
Pyrce’s LPG business segment contributed P18.13 billion or 94.16 percent to the consolidated revenues.
Industrial gases contributed P793.26 million or 4.12 percent; real estate, P287.30 million or 1.49 percent; and pharmaceuticals, P44.86 million or 0.23 percent.
Industrial gases’ sales volume increased 27.4 percent last year.