FOOD posted US$21.3mn in net revenue in 1Q24. This is 55% higher YoY. Gross profit (GP) reached US$1.7mn, 106% greater than in 1Q23. The company had net profits of US$89 thousand in 1Q24, recording a profit for the second straight quarter.
The revenue gains stemmed from improved export volumes, increased fishmeal and oil products, and a recalibration of selling prices. The stronger growth in GP resulted from a sustained decline in fish prices that more than offset a moderate increase in manufacturing overhead and head office expenses.
FOOD President and CEO Jeoffrey P. Yulo said, “The last two quarters have been most encouraging. We will continue to enhance our operational efficiency and marketing strategy to achieve positive results this year.”
Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.