Pryce Gases, Inc. (PGI) is in the business of importing, storing and distributing Liquefied Petroleum Gas (LPG), under the brand name "PRYCEGAS", established more than 30 years ago (1987). It is also engaged in the manufacturing and selling of industrial gases, which was the business it started with. The company principally operates in the Visayas and Mindanao (Vis-Min) regions, and is a relatively new player in luzon, however, it has been expanding operations since the completion of its biggest LPG marine terminal in San Fabian, Pangasinan, back in 2013.
PGI is a 91.4%-owned subsidiary of PRYCE CORPORATION, listed under the Philippine Stock Exchange. The company also has a wholly owned subsidiary - Oro Oxygen Corporation - which sells and distributes PGI’s LPG in the Luzon area and trades industrial gas products.
PGI’s Assertive Growth
Industrial Gas PGI actively began its industrial gas business in April 1988 when it installed its first oxygen and acetylene plants at Phividec Industrial Estate, Mohon, Tagoloan, Misamis Oriental. The aim was to serve the entire Vis-Min area. The main gas products are oxygen (industrial & medical-grade) and acetylene, but also include other gases - such as argon, nitrogen, carbon dioxide and compressed air.
PGI’s industrial gas business accounts for less than 5% of its total revenues. Management estimates that PGI serves roughly 30% of the combined Vis-Min industrial gas market.
Liquefied Petroleum Gas (LPG) PGI sells and markets its LPG products under the name “PRYCEGAS”, sold in 50-kg, 22-kg, 11-kg and 2.7-kg (“Powerkalan”) cylinders.
PGI currently has an aggregated LPG storage capacity of 34,259 metric tons (MT), comprised of sea-fed import terminals and inland refilling plants, strategically located in various areas nationwide.
In Vis-Min, the total import-terminal storage capacity reached 22,340 MT, from seven (7) sea-fed import terminals. These terminals are complemented operationally by 28 inland refilling plants across Vis-Min, with a combined storage capacity of 1,453 MT. This network of terminals and refilling plants allows PGI to penetrate the market deeply and make its LPG product very accessible to consumers. It also affords the company to move/transfer its LPG, ensuring continuity of supply in any area it operates and avoid possible stock-outs due to fortuitous events.
In Luzon, the company’s 8,500-MT marine terminal in San Fabian, Pangasinan is among the three largest storage facilities in the island. In terms of distribution capability in Luzon and the National Capital Region (NCR), PGI operates forty (40) refilling plants with a total capacity of 1,966 MT. Similar to its Vis-Min operation, PGI wants a steady supply of highly accessible LPG to consumers via a large terminal capacity and widespread refilling plants in strategic locations.
Company-owned sales centres and authorized dealers nationwide form part of PGI’s sales distribution channels. PGI’s supply chain infrastructure from the point of importation to retail sale is complete, integrated and extensive in character, as it operates throughout the country.
As of the 3rd quarter of 2020, the Department of Energy reports that PGI has the following LPG market share in the following regions: 27% in Mindanao; 23% in Visayas; and 8% in Luzon (including NCR). The company has a 13% share of the overall Philippine market. In the Vis-Min area, PGI is the 2nd largest industry player, after Petron corporation, with 25% market share of that combined area, the synergy of its various operating units and infrastructure network, and its strategic market positioning are the strengths that propelled PGI to become an important player in the LPG industry.
In a little more than a decade (13 years), PGI consistently grew its sales volume, from 30,000 MT in 2007 to an estimated 215,000 MT in 2020. This is equivalent to an average growth rate of 18% - clearly much better than either the growth rates of leading player Petron (+1.3%) and the entire LPG industry (+4.0%). Luzon accounts for the largest share of total demand nationwide, at about 80%. The company, however, sees that its real growth potential lies in developing the Visayas and Mindanao markets.
Vision: "The Dream"
- For Pryce Gases, Inc. to be a formidable name in the Philippine business community as the pillar of strength and stability of the Pryce Group.
Pryce Gases, Inc. will strive for the market leadership in all its product lines by:
• Treating the Customer first as its reason for existence;
• Ensuring quality in all aspects of its endeavors;
• Serving its role as good corporate citizen;
• Adopting a good-neighbor-policy towards its competitors;
• Assuring fair returns to its owners, investors and creditors and;
• Providing its employees the building blocks for attaining quality life.
Toward this end, Pryce Gases, Inc. shall likewise continue its entrepeurial endeavors - always on the alert to take on new oppurtunities.
PRYCE GASES, INC. IN 2020
BusinessWorld and Financial Times statistics.
Pryce Corporation is ranked 386th in Asia Pacific as one of the High-Growth Companies in 2020. The Financial Times list was compiled with Statista, a research company and ranks entrants from across the Asia-Pacific by compound annual growth rate (CAGR) in revenue between 2015 and 2018.
Pryce Corporation income climbs 4.87% on Higher LPG Sales