MANILA, PHILIPPINES – Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) grew consolidated net revenue 63% in 2023 to US$56.5mn, driven by higher volume and recalibration of selling prices.
FOOD’s manufacturing overhead improved by 22% from the previous year, as plant machineries were upgraded to optimize efficiency. As a result, higher plant utilization was achieved compared to previous year.
The group’s 2023 gross profit margin decreased by 70 basis points to 8.5% from the previous year, due to supply chain challenges from Q1 to Q3. This was mitigated by favorable supply costs in Q4, coupled with pricing adjustments and lower manufacturing overhead. Gross profit increased 52% in 2023.
Higher finance costs in 2023 impacted the bottom line, with ASFII posting a consolidated net loss of US$ 2.6 million. This was 25% less than 2022’s net loss of US$3.5 million.
“Our performance indicators continued to improve from Q4 2023 to Q1 2024,” said ASFII President and CEO Jeoffrey P. Yulo. “We will build on favorable price trends with our product mix, higher volume and operational efficiencies.”
Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.