Home-grown tuna company Alliance Select Foods International, Inc. (“ASFII”; “Company”; PSE: FOOD) posted a net revenue of US$72.5mn in 2024, 28% better than previous year and the highest revenue achieved since 2019. The growth was driven by volume growth and an expanded customer base.
At the Company’s 2025 Annual General Meeting, FOOD President and CEO Jeoffrey P. Yulo reported that gross profit (GP) improved by 30%, following 2 years of declining GP. GP reached US$8mn in 2024 – also its best level since 2019. This was attributed to higher sales volume, better fish cost and improved plant operations. An invigorated customer-centric strategy led to the return of key accounts and expanded business from domestic and international clients. On the operations side, plant utilization increased to 81% in 2024, versus 68% in 2023.
FOOD’s production costs improved by 7%, attributed to enhanced output and efficiencies from investments in new equipment. Manpower supply and skill challenges were noted, with the need to improve on production metrics. Impairment of assets led to a reported loss of US$ 3.0mn for 2024, from US$2.6mn in 2023. Nonetheless, core profit reached US$0.893mn in 2024, from loss of US$2.6mn in 2023.
“We performed better through the efforts of our dedicated employees,” said Yulo. “We will continue to build capabilities through training and advanced business tools. We value our stakeholders and our community, thus for the past years we have done regular coastal clean-ups for Sarangani Bay and tree planting activities. We are gearing up to increase productivity while advocating responsible resource stewardship.”