Listed Pryce Corp. said Thursday it posted a 6-percent increase in first-quarter net income to P423.22 million from P398.98 million a year ago.
The company said in a disclosure to the stock exchange it registered a 9.28-percent growth in consolidated revenues to P3.47 billion in the first quarter from P3.175 billion in the same period in 2020.
“These positive outcomes were brought about by the performance of PPC’s liquefied petroleum gas products,” it said.
“PPC was able to achieve the above 6.08 percent increase in net income even with larger operating expenses due to its expansions of refilling plants and sales centers,” the company said.
The LPG business contributed 94.5 percent to PPC’s consolidated revenues, while industrial gas products provided 3.9 percent.
Sales from the group’s real estate and pharmaceuticals businesses accounted for the balance of 1.6 percent.
Pryce’s growth in revenues came on the back of a 6.10-percent improvement in LPG sales volume to 59,247 metric tons from 55,843 MT a year earlier.
The 9.52-percent increase in the average LPG contract price to $577 per MT in the first quarter from $526.83 per MT last year also boosted sales revenues.
The reduced corporate income tax, courtesy of the recently signed CREATE Law, also contributed to the increased net income, as income tax rate was reduced to 25 percent from 30 percent.
The company said it would expand its LPG business by building two more import-marine terminals, one in the Visayas and another in Mindanao.
The expansion will be complemented by establishing additional refilling plants and sales centers nationwide.
“These actions will bring much-needed employment, will further widen the scope and reach of PGI’s LPG business, and make its LPG products even more accessible to the consumers. Despite such expansions amidst the pandemic, the company promises to deliver the cash dividends expected by its shareholders for the first semester of this year,” it said.