Pryce Corporation reported a 4.8 percent improvement in its unaudited consolidated net income to P1.59 billion last year from the P1.52 billion earned in 2019 due to the growth in its revenues.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues rose 10.14 percent to P11.71 billion in 2020 from 2019’s P10.63 billion.
“This growth was driven mainly by sales of its LPG products consisting of LPG cooking gas (LPG), cylinders, gensets, stoves and accessories,” said Pryce.
LPG products consistently cover more than 90 percent of the consolidated revenues. Sales volume of LPG, the main revenue driver, increased by 10.27 percent to 242,474 metric tons (MT) from the previous year’s 219,884 MT.
Due to the Coronavirus pandemic, which caused a drastic fall in global LPG demand, the average international LPG contract price in 2020 dropped 8.60 percent to $401.75 per metric ton from 2019’s $439.54 per metric ton.
The peso-sale of LPG would have been higher had it not been for such drop in average contract price and, consequently, of domestic LPG prices.
Sales of LPG products stood at P11.05 billion or 94 percent of aggregate revenues. Industrial gas sales contributed P449.87 million, which accounted for 3.84 percent of total revenues.
Sales of real estate and pharmaceutical products accounted for the balance of 1.81 percent.