Pryce Net Income For First 9 Months Of 2024 Surges 40% To PHP2.21 Billion

Pryce Corporation reported a net income of PHP2.21 billion for the first nine months of 2024, marking a 40% increase from last year’s PHP1.58 billion.

Pryce intensified marketing efforts for its industrial gas products, leading to a 27.4% year-on-year increase in sales volume. I Photo: Pryce Gases, Inc. - Northern Mindanao Operations Facebook

Consolidated revenues also rose by 7% to PHP15.01 billion, compared to last year’s PHP14 billion.

In its disclosure to the Philippine Stock Exchange (PSE), Pryce attributed the revenue growth to the performance of its business segments.

Liquefied Petroleum Gas (LPG) contributed PHP14.07 billion (93.77% of total revenue); industrial gases provided PHP665.51 million; memorial park operations brought in PHP233.56 million; and pharmaceutical products added PHP36.48 million.

Gross profit for the first nine months of 2024 increased by 29.4%, rising to PHP4.41 billion from last year’s PHP3.69 billion.

The higher gross profit was driven by improved LPG margins in Luzon, the shift from generic to branded LPG sales, and lower landed costs due to the renewal of supply contracts with better terms.

Income from operations also grew by 23.32%, reaching PHP2.64 billion compared to last year’s PHP2.14 billion.

Pryce intensified marketing efforts for its industrial gas products, leading to a 27.4% year-on-year increase in sales volume. This increase sets a strong foundation for the company’s new air separation facility in Mindanao, which recently commenced operations after a one-and-a-half-year construction period.

Pryce emphasized the potential for its industrial gas business to contribute significantly to future income.

Additionally, the company noted that its industrial gas operations benefit from lower operating and distribution costs, thanks to the shared logistical network established by its LPG business.

Pryce Corporation, formerly Pryce Properties Corporation, primarily focuses on real estate development in Mindanao, particularly in memorial parks, where it operates 13 parks across major cities.

Its subsidiary, Pryce Gases, Inc., imports and distributes LPG under the "PryceGas" brand, while also producing and selling industrial gases. Another subsidiary, Pryce Pharmaceuticals, Inc., wholesales and distributes private-label multivitamins and over-the-counter generic drugs.