Philippines: LPG business fuels Pryce's record profit

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Listed Pryce Corp. saw its net income balloon to P1.32 billion in the first half, up by 61 percent from the P819.68 million earned a year earlier due to the improved operations of its liquified petroleum gas (LPG) business.

Consolidated revenues, on the other hand, were flat at P9.54 billion from the P9.58 billion in the same period last year.

Pryce said the LPG business accounted for 94 percent of the topline, or P8.96 billion. This was followed by industrial gas (4.5 percent), real estate and interment service fees (1.4 percent) and pharmaceutical products (0.24 percent).

Despite the flattish revenue, the company still managed to score a 29-percent growth in gross profit to P2.98 billion in the first half from P2.31 billion previously.

Meanwhile, earnings per share jumped by 63 percent to P0.642 from P0.395 in 2023.

Earlier, Pryce reported a net income of P713.68 million in the first quarter, up by 39.5 percent from 2023's P511.54 million and propelled by the LPG business.

Revenues during the period, however, slipped by 9.5 percent to P4.69 billion from P5.18 billion due to a drop in the average contract price and a decrease in sales volume.

Incorporated in September 1989, Pryce is engaged in property holding and real estate development. Its subsidiaries include Pryce Gases Inc. (PGI) and Pryce Pharmaceuticals Inc. (PPhl).

PGI is involved in the importation and distribution of LPG as well as the manufacturing and marketing of industrial gas, while PPhl distributes private-brand multivitamins and over-the-counter generic drugs.