Pryce teases a record P2.22-B in FY23 net income

Pryce Corp. [PPC 5.20 unch; 766% avgVol] [link] gave us a preview of its FY23 Annual Report yesterday with P2.22 billion in FY23 comprehensive net income as the headline. That’s up 32% from FY22 and (according to PPC) attributable to a 7.9% increase in the sales volume of Liquefied Petroleum Gas (LPG). PPC said that the outsized growth in net income was due to expanding LPG margins, “particularly in the Luzon market.” On a segment basis, PPC’S LPG business contributed 94.1% of the consolidated revenues (P18.13 billion), with industrial gasses contributing 4.1% (P793 million), real estate 1.5% (P287 million), and pharmaceuticals 0.2% (P44 million). 

MB bottom-line: PPC is one of those quiet companies that works its niche and delivers drama-free results that are usually well-explained and communicated by management. Its stock price has been fairly choppy, though, bouncing around in a fairly tight band between ~P5.20/share and around P5.60/share, and it doesn’t throw off that much in dividend income as a reward for bagholders’ patience. Its dividend from FY22’s retained earnings was just P0.17/share. That’s a yield of just 0.3%. 

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