Gas and real estate firm Pryce Corporation reported a 61 percent jump in profits to a record high of P1.32 billion in the first half of 2024 from P819.68 million in the same period last year due to higher margins.
In a disclosure to the Philippine Stock Exchange the firm said consolidated revenues for the period under review, however, was slightly lower at P9.54 billion compared to P9.58 billion in the first semester of 2023.
Despite the flattish consolidated revenues, PPC said its gross profit still went up by 29 percent, from last year’s P2.31 billion to P2.98 billion this year, which can be attributed to the improvement of liquefied petroleum gas (LPG) margins in Luzon.
PPC’s income from operations went up by 49 percent from P1.12 billion in the first half last year to P1.66 billion in the comparative period this year.
Pryce’s LPG business contributed P8.96 billion or 93.86 percent to consolidated revenues, industrial gases provided P425.92 million or 4.46 percent, real estate and interment service fees pitched in an aggregate of P136.65 million or 1.43 percent, and pharmaceutical products at P22.98 million or 0.24 percent.
Earnings per share rose by 63 percent, from last year’s P0.395 to P0.642 in the first half of 2024.