3 new plants to make Pryce biggest PH industrial gas producer
Pryce Corp., a listed gas and real estate firm, is allotting P6 billion to build three new air separation plants meant to cater to the rising demand for industrial gases.
In a disclosure to the local bourse on Monday, the company said its board of directors had provided the go-signal to pursue the construction of the new facilities to be situated in Davao, Bacol and Pangasinan—allowing Pryce to serve all three main islands.
Pryce said it has earmarked P2 billion for each plant.
Construction works will take three years, it added.
“This expansion directly supports PPC’s goal of becoming the largest industrial gas company in the Philippines, a milestone the company aims to achieve within the same three-year timeframe,” the firm said.
In 2023, Pryce also said it would build an air separation plant in Cagayan de Oro for its oxygen business.
The group also reported that its profit in the first nine months had jumped by 35 percent, mainly driven by sales growth in liquefied petroleum gases (LPG) and industrial gases.
Consolidated net income increased to P2.99 billion from P2.21 billion a year ago. Consolidated revenues also climbed to P15.81 billion from last year’s P15 billion.
It said that 91.3 percent of the revenues in the January to September period, reaching P15.49 billion, had come from LPG and industrial gases. Real estate and memorial park operations provided P279 million, while pharmaceutical products contributed P45 million.
Unrealized gains on marketable securities amounted to P847 million.
Pryce Gases is engaged in the importation and distribution of LPG. It also produces and sells industrial gases.
Another unit, Pryce Pharmaceutical, is a wholesaler and distributor of private-branded multivitamins and some over-the-counter generic drugs.
