Pryce Corporation 2024 Net Income Up By 30.40%

Pryce Corporation (PPC) attained an increase of 30.40% in its net income for the year 2024 in the amount of P3,073,634,045, from its previous net income of P2,356,952,655 disclosed for the year 2023, based on unaudited figures. This income growth remains to be mainly attributed to the improvement of margins of PPC’s liquefied petroleum gases (LPG) products, particularly in the Luzon market.

PPC’s consolidated revenues likewise went up by P1.21 billion or 6.3%, with this year’s P20.47 billion compared to last year’s Php 19.26 billion. LPG revenues remain as the largest contributor to PPC’s consolidated revenues, enjoying a 5.8% increase with this year’s P19.18 billion compared to last year’s P18.13 billion. This increase was partly due to the rise in the average contract price by 5.5%, with this year’s US$ 608.38 per metric ton (MT) compared to last year’s US$ 576.46 per MT.

On contributions to consolidated revenues for the year 2024, the business segments of PPC are distributed as follows: LPG contributed P19.18 billion or 93.71%; industrial gases provided P913.57 million or 4.46%; revenues from memorial park operations pitched in an aggregate of Php 326.78 million or 1.60%; and pharmaceutical products at P46.53 million or 0.23%. Earnings per share rose by 30.36%, with this year’s P1.6344 per share, compared to last year’s P1.2537 per share.

PPC’s gross profit for the year 2024 also improved by 16%, with this year’s P6.48 billion compared to last year’s P5.59 billion, despite the 2.4% increase in its cost of sales and services, or from P13.66 billion to P13.99 billion. PPC’s gross profit rate for this year likewise went up at 31.6%, as against last year’s 29%. PPC’s income from operations went up by 27.6%, or to this year’s P3.82 billion from last year’s P2.99 billion, despite the 2.4% increase in operating expenses, from last year’s P2.60 billion to this year’s P2.66 billion.

As part of its move to intensify the marketing of its industrial gas products, PPC announced in a previous disclosure that its Mindanao air separation plant is already in operation, producing a total daily capacity of 7,200 equivalent standard cylinders (ESC) for oxygen, 1,500 ESC for nitrogen, and 200 ESC for argon. This, among other factors, ultimately contributed to the improvement of PPC’s industrial gas sales volume by 34%, with this year’s 2.03 million cylinders as against last year’s 1.51 million cylinders; as well as of its revenues by 15.2%, or P913.57 million in 2024 as against P793.26 million in 2023. With all these developments, PPC is committed to take a more proactive approach to increase industrial gas sales volume, particularly with respect to the supply and distribution of its medical oxygen, nitrogen, argon, and other industrial gas products in the Visayas and Mindanao regions.