MANILA, PHILIPPINES – Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) posted US$ 39.6mn in net revenue in 1H24, 55% higher YoY. Gross profit (GP) reached US$ 4.3mn, 160% better than 1H23.
The Group’s net income after tax is at US$ 351 thousand, a 161% improvement YoY. Revenue and net income rose 55% and 190% YoY respectively in 2Q2024 alone. The revenue gains stemmed from an increase in export and local sales and an expanded customer base.
Better supply costs and manufacturing overhead contributed to the improved GP and higher net income before tax.
Unfavorable freight charges and interest rates impacted FOOD’s bottom line, but these were offset by favorable fish prices and improved production cost due to higher plant utilization.
“These positive developments propel us to continue expanding our business and enhancing efficiencies,” said ASFII President and CEO Jeoffrey P. Yulo.