Pryce Corp. grew its profit last year by 31.58 percent to P2.22 billion from P1.69 billion the prior year.
The company said the growth was driven by a surge in its liquefied petroleum gas (LPG) business, whose volume rose by 7.9 percent to 298,499 tons from 276,709 tons in 2022, while margins improved particularly in the Luzon market.
Revenues inched up by 2.61 percent to P19.26 billion from P18.77 billion, the company said.
This is despite Pryce’s LPG average contract price dropping by 21.57 percent to $576.46 per metric tons (MT) from $735.04 per MT the previous year.
“A drop in contract price translates to a drop in domestic prices of LPG (and vice versa) and thus, in LPG revenues. The increase in consolidated revenues could have been higher had it not been for the contract price decline,” Pryce said.