Pryce Corporation (PSE: PPC) reported its strongest financial performance to date after booking a 30% year-on-year increase in consolidated net income to ₱4.01 billion in 2025, up from ₱3.09 billion in 2024, according to its disclosure to the Philippine Stock Exchange (PSE) dated January 30, 2026.
The earnings growth came alongside a 9.6% rise in total revenues to ₱22.72 billion, driven by a combination of stable LPG sales, faster growth in industrial gases, and controlled costs across its business segments.
Industrial gas drives growth; LPG still dominates revenues
While liquefied petroleum gas (LPG) remains Pryce’s largest revenue contributor—accounting for ₱19.64 billion, or roughly 86% of total revenues—the company’s industrial gas segment delivered the fastest growth.
Industrial gas revenues climbed 32.3% to ₱1.21 billion, reflecting higher volumes from existing air separation plants and stronger demand for oxygen, nitrogen, and argon. This growth rate significantly outpaced the company’s overall revenue expansion, underscoring the segment’s increasing importance to Pryce’s earnings mix.
In 2024, Pryce disclosed that its industrial gas facilities produced 8,900 equivalent standard cylinders (ESC), bringing total output to 2.03 million cylinders. The 2025 revenue increase suggests continued ramp-up rather than one-off gains.
Beyond energy-related businesses, Pryce continued to benefit from its diversified portfolio:
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Real estate and memorial park operations posted 11.7% growth
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Pharmaceutical sales increased 10.4%
While smaller in scale compared to LPG, these segments provide recurring income and help smooth earnings volatility, especially during periods of energy price fluctuations.
Margins improve as expansion remains medium-term
Total costs and expenses rose by 6.1% to ₱18.70 billion, slower than revenue growth. Management cited contained LPG costs, stable operating expenses, and lower finance costs.
Notably, income tax expense declined by 9.1%, which further supported bottom-line growth. As a result, earnings per share (EPS) improved to ₱2.1331 from ₱1.6449, directly benefiting shareholders.
No other comprehensive income was recorded for the year.
Pryce is currently in the preliminary stages of constructing an air separation plant in Davao, with completion targeted for early Q1 2027. The company has also disclosed plans to develop additional industrial gas facilities in Pangasinan and Bacolod City, each with an estimated project cost of around ₱2 billion.
These projects are not yet revenue-generating, and investors should note that their earnings impact will only materialize once operations commence. In the near term, performance will still rely on existing facilities and LPG operations.
Pryce’s 2025 results show real earnings growth, not accounting noise. LPG continues to anchor revenues, but industrial gas is clearly the margin and growth story. The company’s ability to scale this segment while keeping costs in check will determine whether the earnings momentum can be sustained beyond 2026.
The company’s SEC Form 17-A Annual Report for the year ended December 31, 2025 is expected to be submitted to regulators on or before April 15, 2026, which should provide deeper clarity on segment profitability and capital expenditures.