PRYCE INCOME UP 4.87%

Listed Pryce Corp posted unaudited consolidated net income of P1.593 Billion last year representing an increase of 4.87% over its level a year ago of 1.519 Billion. Earnings per share likewise grew, from 0.7826 in 2019 to 0.8207 in 2020.

The Company posted consolidated revenues of P11.708 billion in 2020, up by 10.14% compared to 2019’s P10.630 billion. This growth was driven mainly by sales of its LPG products consisting of LPG cooking gas (LPG), cylinders, gensets, stoves, and accessories.

LPG products consistently cover more than 90% of the consolidated revenues. Sales volume of LPG, the main revenue driver, increased by 10.27% to 242,474 metric tons (MT) from the previous year’s 219,884 MT.

However, with the Coronavirus Pandemic that caused a drastic fall in global LPG demand, the average international LPG contract price (“CP”) in 2020 dropped to U.S.$ 401.75 per metric ton, 8.60% lower than 2019’s U.S.$ 439.54 per metric ton.

The peso-sale of LPG would have been higher had it not been for such a drop in average CP and, consequently, of domestic LPG prices.

Sales of LPG products stood at P 11.047 Billion or 94% of aggregate revenues. Industrial gas sales contributed P449.87 Million, which accounted for 3.84% of total revenues. Sales of real estate and pharmaceutical products accounted for the balance of 1.81%.

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