Pryce Corp. said profit last year grew 39.50 percent to P713.68 million from P511.54 million in 2022, mainly driven by the improvement of margins in its liquefied petroleum gas (LPG) business, particularly in the Luzon market.
Revenues dropped 9.5 percent to P4.69 billion from P5.18 billion as the company recognized a drop in the average contract price (CP) by its LPG business to $633.67 per metric ton (MT) from $708.17 per MT – a 10.50 percent decline – and a decline in sales volume.
“The drop in the CP has a consequent effect of lowering domestic LPG prices, while the decrease in sales volume is caused by the return of the market to the pre-pandemic out-of-home consumption levels as Pryce is predominantly a household retail oriented business,” Pryce said.
The LPG business segment accounts for P4.4 billion or 93.71 percent of the consolidated revenues.
The other business segments contribute as follows: industrial gases P204.22 million or 4.35 percent; real estate P76.26 million or 1.63 percent; and pharmaceuticals P14.58 million or 0.31 percent.
The industrial gases sales volume meanwhile grew 14.7 percent.
Operating expenses was up 10.21 percent to P747.03 million from P677.80 million.
