Pryce Corp. H1 net income up 25.80%

Publicly listed Pryce Corp. on Tuesday reported a double-digit climb in bottom line in the first semester, driven by its liquefied petroleum gas (LPG) business.

In a regulatory filing submitted Pryce treasurer and SVP Jose Ma. Ordenes, the company said its consolidated net income grew by 25.80% to P895.57 million in January to June from P711.89 million in the same comparable period.

Revenue rose by 10.08% to P5.32 billion from P4.83 billion.

“Sale of liquefied petroleum gas (LPG) and LPG-related products accounted for 93.97% of the group’s total revenue, while sale of industrial gases, real estate, and pharmaceutical products accounted for the balance,” the disclosure read.

Pryce Corp. counts as a subsidiary Pryce Gases Inc. which imports and distributes LPG under the PryceGas brand. It also produces and sells industrial gases.

The company said LPG sales volume—including bulk sales—increased by 7.8% to 106,049 metric tons from 98,419 metric tons, with the fastest growth recorded in Luzon.

Another subsidiary is Pryce Pharmaceuticals Inc., a wholesaler and distributor of private-branded multi-vitamins and over-the-counter generic drugs.

Pryce also owns and operates 13 memorial parks in Cagayan de Oro, Iligan City, Ozamiz, Polanco (near Dipolog City), Zamboanga City, Davao City, CDO-Manolo Fortich and Malaybalay City in Bukidnon, Malita in Davao Occidental, Bislig in Surigao del Sur, Alabel in Saranggani, Pagadian City and Butuan City. —Jon Viktor Cabuenas/VDS, GMA News