Listed liquefied petroleum gas (LPG) retailer Pryce Corp. (PPC) grew its consolidated net income for 2019 by 7.58 percent to P1.509 billion, against the previous P1.403 billion, mainly attributed to higher sales volume.
The company said its better financial performance was achieved despite the expiration of its income tax holiday last December 2018 that benefited PPC’s San Fabian, Pangasinan import terminal since 2014.
Revenues for the period rose 3.50 percent to P10.632 billion from P10.273 billion.
LPG along with cylinders and accessories and LPG-run gensets accounted for 94 percent of total revenues, while the sales of industrial gases, real estate and pharmaceutical products contributed the rest.
PPC said revenues could have been higher if not for the lower average international LPG contract price of $439.5 per metric ton (MT) in 2019, against the previous average of $540 per MT.
