Alliance Select Foods International, Inc. Reported Consolidated Net Revenues of US$56.5 Million in 2023, Up 63%

Alliance Select Foods International Inc. (ASFII), a homegrown seafood company, recorded consolidated net revenues of US$56.5 million for the full year 2023, up from US$34.6 million in 2022, representing a 63% rise year-on-year. This was primarily driven by a rise in tuna export volume and higher selling prices across all product categories.

ASFII was challenged by the rise in fish prices in 2023. This was offset later in the year by price adjustments and lower manufacturing overhead due to increased plant utilization.

Finance costs have increased due to the negative interest rate environment, while sales and administrative expenses have risen in lockstep with inflation. Including foreign currency losses from currency translation, ASFII reported a consolidated net loss of US$2.6 million for the fiscal year 2023, a 25% improvement over the US$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 operational efficiencies.

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