PRYCE Corp. posted P1.11 billion in net income at end-September this year, up 18.23 percent from P943 million in the same period a year ago mainly on account of higher revenue.
From January to September this year, Pryce recorded P7.57 billion in revenue, from P6.44 billion in the same period a year ago. LPG (liquefied petroleum gas) revenues comprised 92 percent of the company’s revenue. The remaining 8 percent came from sales of industrial gases, real estate and pharmaceutical products.
All of its business segments registered positive revenue growth. The LPG and industrial gas division posted a 15.79-percent increase, while real estate and pharmaceutical products had 112.05 percent and 26.15 percent improvements, respectively. The average LPG contract prices went up by 17 percent to $541.33 per metric ton, from last year’s $462.67 per MT.
The company said it is on track to hit its P1.5-billion target net income for the year “coming into the fourth quarter, the last quarter being the strongest one historically in terms of sales volume and income.”
Also, the company’s ongoing expansion projects in its marine-fed terminals and construction of additional refilling plants are seen to foster demand in various regions toward the close of this year and beyond.