Pryce Corporation Hits Php 2.22 Net Income in 2023

Pryce Corporation (PSE: PPC) announced that its comprehensive (unaudited) net income grew by 31.58%, from Php 1,686,576,652 in 2022 to Php 2,219,173,421 in 2023.

The sales volume of liquefied petroleum gas increased by 7.9% from 276,709 tons in 2022 to 298,499 tons in 2023, driving the income rise. The increase in net income is due to higher LPG margins, particularly in the Luzon market.

Despite a 21.57% reduction in the average contract price (CP) from US$735.04 per MT in 2022 to US$576.46 per MT in 2023, PPC's consolidated revenues climbed by 2.61% from Php 18.77 billion to Php 19.26 billion. A decrease in CP results in a decrease in domestic LPG prices (and vice versa), as well as LPG revenues. The gain in consolidated revenues could have been greater if not for the CP reduction. The sales volume of industrial gases increased by 27.4%.


PPC's LPG business division generated Php 18.13 billion, or 94.16%, of consolidated revenues. Other segments with their respective contributions include industrial gases (Php 793.26 million, or 4.12%), real estate (Php 287.30 million, or 1.49%), and medicines (Php 44.86 million, or 0.23%).

​Operating expenses increased 17.74%, from PHP 2.12 billion in 2022 to PHP 2.50 billion in 2023. This is attributable to normal inflation and increases in compensation, logistics, and gasoline costs.

​In 2023, earnings per share of PPC increased by 32.33%, reaching Php 1.07 from Php 0.81 in 2022.