Pryce Corporation (PPC) reported a 6 percent improvement in net income to P423.22 million in the first quarter of 2021 from the P398.98 million earned in the same period last year.
In its disclosure to the Philippine Stock Exchange, the firm said it registered a 9 percent growth in consolidated revenues to P3.47 billion in the first quarter this year from P3.18 billion in the same period of 2020.
“These positive outcomes were brought about by the performance of PPC’s liquefied petroleum gas (LPG) products,” the company said.
Pryce’s LPG business contributed 94.5 percent to its consolidated revenues, whereas the industrial gas products segment provided 3.9 percent. Sales from the group’s real estate and pharmaceuticals businesses accounted for the balance of 1.6 percent.
Pryce’s growth in revenues came on the back of a 6.10 percent improvement in LPG (cooking gas) sales volume, from 55,843 metric tons (MT) in 2020’s first quarter to 59,247 MT in this year’s first quarter.
Revenue growth was likewise aided by a 9.52 percent increase in the average LPG contract price (or CP),
from $526.83 per MT during last year’s first quarter to $577.00 per MT in the first quarter this year.
PPC said it was able to achieve the 6 percent increase in net income even with larger operating expenses
due to its expansions of refilling plants and sales centers.
The reduced corporate income tax, courtesy of the recently signed CREATE Law, also contributed to the increase in net income, as income tax rate was reduced from 30 percent to 25 percent.
The company said it will be expanding its LPG business by building two more import-marine terminals, one in Visayas and another in Mindanao. These will be complemented by establishing additional refilling plants and sales centers nationwide.
“These actions will bring much needed employment, will further widen the scope and reach of PGI’s LPG business, and make its LPG products even more accessible to the consumers,” Pryce said.