Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”; PSE: FOOD) reported consolidated net revenues of USD56.5 million for the full-year 2023 versus USD34.6 million in 2022, a year-on-year increase of 63%. This was primarily driven by increase in export volume of tuna products and better selling prices across all product segments.
ASFII was challenged by the increase in fish cost in 2023. This was mitigated later in the year by pricing adjustments and lower manufacturing overhead resulting from higher plant utilization.
Due to the unfavorable interest rate environment, finance costs have increased, while selling and administrative expenses climbed in tandem with inflation. Including foreign currency losses from currency translation, ASFII posted a consolidated net loss of USD 2.6 million for the full year of 2023, a 25% improvement over the USD 3.5 million loss in 2022.
ASFII President and Chief Executive Officer Jeoffrey P. Yulo said, “ASFII’s 2023 operational performance is encouraging. Despite external challenges posed by high interest rates, our numbers continue to improve as we ramp up efforts to improve volume, revenue and gain further operationasl efficiencies.”
Alliance Select Foods International Inc. is a publicly listed seafood company engaged in tuna processing serving over 30 countries worldwide.