Pryce Corp. said Monday its subsidiary Pryce Gases Inc. is building an air separation facility in Cagayan de Oro for its oxygen business, a project worth P1 billion inclusive of distribution and logistical facilities.
The air separation plant is expected to be operational by the first quarter of 2024, said Pryce Corp., a listed company whose property and industrial investment are concentrated in Mindanao.
Pryce Gases is an importer and distributor of cooking gas under the brand Pryce Gas, and a producer and seller of industrial gas.
The listed company said Pryce Gases’ industrial gas business will grow by 2 to 3 percentage points in the coming years because of the air separation plant.
Pryce posted a 27 percent growth in first quarter net income to P511.54 million, driven primarily by strong sales of liquefied petroleum gas. Cooking gas sales accounted for 90 percent of Pryce’s group revenue.
