Listed Pryce Corp. said Thursday its net income went up 61 percent in the first half of 2024 to a record P1.32 billion from P819.68 million in the same period last year despite the flat revenues.
Pryce said in a disclosure to the Philippine Stock Exchange consolidated revenues reached P9.54 billion in the first six months, compared to last year’s P9.58 billion.
Pryce said its LPG business contributed P8.96 billion or 93.86 percent, industrial gases provided P425.92 million or 4.46 percent, real estate and interment service fees contributed P136.65 million or 1.43 percent, and pharmaceutical products at P22.98 million or 0.24 percent.
Pryce has two subsidiaries, namely Pryce Gases, Inc. (PGI) and Pryce Pharmaceuticals, Inc. (PPhI).
PGI’s business is in the importation and distribution of LPG as well as the manufacturing and marketing of industrial gases while PPhI is a wholesaler and distributor of private branded multi-vitamins and some ‘over-the-counter’ generic drugs.
The company said gross profit still went up by 29 percent from P2.31 billion last year to P2.98 billion this year, which can be attributed to the improvement of liquefied petroleum gas (LPG) margins in Luzon.
The company’s income from operations went up by 49 percent to P1.66 billion from P1.12 billion.
Earnings per share rose by 63 percent to P0.642 during the period from P0.395 last year.
