Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Higher LPG sales propel Pryce’s profit to P2.22 billion

PRYCE Corp. saw a 31.6% increase in its 2023 net income to P2.22 billion from P1.69 billion a year earlier, driven by higher sales volume of liquefied petroleum gas (LPG), the listed company announced on Thursday.

The company’s consolidated revenues grew by 2.6% to P19.26 billion from P18.77 billion in the previous year, it said in a regulatory filing.

Pryce Corp., through its major subsidiary Pryce Gases, Inc., imports and distributes LPG under the brand “PryceGas” and produces industrial gases. 

The sales volume of LPG “grew by 7.9%, from 276,709 tons in 2022 to 298,499 tons in 2023,” the company said.

“The growth in net income is attributed to the improvement of LPG margins, particularly in the Luzon market,” it added.

The company said that its LPG business segment accounted for P18.13 billion or 94.16% of the total consolidated revenues.

“The other segments and their respective contributions consist of the following: industrial gases P793.26 million or 4.12%, real estate P287.3 million or 1.49%, and pharmaceuticals P44.86 million or 0.23%,” Pryce Corp. said.

The company owns and operates 13 memorial parks in major cities across Mindanao, including Cagayan de Oro (CDO), Iligan City, Ozamiz, Polanco, Zamboanga City, and Davao City, as well as smaller parks in secondary cities or major municipalities like CDO-Manolo Fortich, Malaybalay City, Malita, Bislig, Alabel, Pagadian City, and Butuan City.

Pryce Pharmaceuticals, Inc., another subsidiary, acts as a wholesaler and distributor of multivitamins and select over-the-counter generic drugs.

Pryce Corp.’s operating expenses increased by 17.74%, going to P2.5 billion in 2023 from P2.12 billion in 2022, attributed to general inflation and rises in compensation, logistics, and fuel costs, the company noted.

At the local bourse on Thursday, shares in the company closed at P5.20 apiece. — Sheldeen Joy Talavera

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Editor's Pick

FINANCE SECRETARY RALPH G. RECTO — DEPARTMENT OF FINANCE By Keisha B. Ta-asan, Reporter NEWLY APPOINTED Finance Secretary Ralph G. Recto took his oath as...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Forex

In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.