Alliance Select Foods International Inc. (ASFII), led by President and CEO Jeoffrey P. Yulo, has successfully achieved a remarkable turnaround in 2024, reporting a core profit of US$0.893 million. This milestone marks a significant improvement from the US$2.6 million loss recorded in 2023.
“We are committed to enhancing our organizational capabilities as we gear up to expand our sales volume. FOOD remains on its upward trajectory,” Yulo stated confidently.
The company reported a 28% increase in consolidated net revenues, reaching US$72.4 million in 2024. This growth was fueled by a broader customer base, increased sales volumes, and favorable fish prices. Enhanced plant utilization and the introduction of new equipment contributed to a 7% reduction in production costs compared to the previous year, boosting efficiency and output.
Despite these gains, the company reported a net loss of US$3.0 million for 2024 due to asset impairments. However, its Q4 2024 gross profit margin rose by 90 basis points to 13.9%, driven by favorable market conditions and operational improvements. Gross profit for the year also surged by 23%.
Alliance Select Foods International Inc., a publicly listed seafood company, specializes in tuna processing and serves over 30 countries across the globe. With its focus on efficiency and growth, the company is poised for a brighter future.
