Alliance Select Foods Reported US$57 Million Net Income for 9M24, Up 46%

Alliance Select Foods International, Inc. (ASFII) reported consolidated net revenue of US$57 million for the first nine months of the year, higher by 46% over the same period last year. The growth stemmed from increased sales volumes of tuna products in export and local markets. Gross profit improved by 125% over the same period last year to US$5.8 million, achieved through higher volume, better plant utilization and improved fish costs.

In the third quarter of 2024, sales grew 28% to US$17.8 million while gross profit rose 52% to US$1.3 million. Q3 was mainly dampened by higher freight rates, interest expenses and raw materials availability.

Net income reached US$0.4 million in the first nine months of 2024, up 142% from a year ago. In Q3, net income totaled US$0.04 mn, 112% higher year-on-year.

ASFII will continue to improve operating and administrative efficiencies. “Our year-end outlook is better than expected,” said Alliance President and CEO Jeoffrey P. Yulo. “We are focused on enhanced efficiencies and business expansion, as we gear up for new developments and opportunities.”

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