Alliance Select Foods International, Inc. Posts 55% Consolidated Net Revenue Growth in H1-2024; Net Income Higher by 161% YoY

Alliance Select Foods International, Inc. (ASFII) posted US$ 39.6 million in net revenue in H1-2024, 55% higher YoY. Gross profit (GP) reached US$4.3 million, 160% better than H1-2023. 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 Q22024 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.

Alliance Select Foods International, Inc. is a publicly-listed seafood company engaged in tuna processing, and serving over 30 countries worldwide.