Alliance Select Foods International, Inc. (ASFII), a leading home-grown tuna company, announced a net revenue of US$72.5 million for 2024, marking a 28% increase over the previous year and the highest revenue achieved since 2019. This significant growth was primarily fuelled by robust volume expansion and a broadened customer base.
During the company’s 2025 annual general meeting, ASFII President and CEO, Jeoffrey P. Yulo, reported a 30% improvement in gross profit, reaching US$8 million in 2024. This turnaround follows two consecutive years of declining GP and represents the best level since 2019.
The improvement is attributed to higher sales volume, better fish costs, and enhanced plant operations. A revitalized customer-centric strategy played a crucial role, leading to the return of key accounts and expanded business from both domestic and international clients. Operational efficiency also saw a substantial boost, with plant utilization increasing to 81% in 2024 from 68% in 2023.
ASFII also reported a 7% improvement in production costs, a result of enhanced output and efficiencies stemming from investments in new equipment.
While acknowledging challenges in manpower supply and skill development, with a noted need to improve production metrics, the Company remains focused on continuous improvement.
Despite a reported loss of US$3.0 million for 2024 due to asset impairment, up from US$2.6 million in 2023, ASFII achieved a core profit of US$0.893 million in 2024, a significant turnaround from a core loss of US$2.6 million in 2023.
“We performed better through the efforts of our dedicated employees,” said Jeoffrey P. Yulo. “We will continue to build capabilities through training and advanced business tools. We value our stakeholders and our community, thus for the past years we have done regular coastal clean-ups for Sarangani Bay and tree planting activities. We are gearing up to increase productivity while advocating responsible resource stewardship.”
