Pryce posted a 27% growth in net income, from Php 402.77 million to Php 511.54 million. Consolidated revenues correspondingly grew from Php 4.72 billion to Php 5.18 billion, or an increase of almost 10%. These growths were mainly driven by the sale of liquefied petroleum gas (LPG) products, as they account for more than 90% of the consolidated revenues.

Sales volume of LPG (cooking gas) for the year increased by 38%, albeit they include bulk sales [as opposed to retail sales] which have little margin. Sales volume of industrial gases expanded by 44%.

Through the above-same comparative quarters, the average LPG contract price (CP) decreased from US$ 802.17 per MT (2022) to US$708.17 per MT (2023), or a fall of 11.72%. The peso-sale revenue of LPG would have been much higher had it not been for said drop in average CP.

Over the past several years, Pryce’s nationwide expansions in its marine-fed terminals, refilling plants, and sales centers, with deliberate attention to their strategic locations, is leading to an increasing presence of the PRYCEGAS brand in the country. These expansions have gradually yielded positive results in terms of increases in revenue, income, and market share. This augurs well for the company’s outlook on growth expectations for 2023. The company believes that its current market share of 15% (per Q3-2022 report from the Department of Energy) will increase further in 2023, amid the LPG industry’s sluggish growth during the past 4 years.

The foregoing disclosures contain forward looking statements that are based on certain assumptions of Management and are subject to risks and opportunities or unforeseen events.