Friday, 02 May 2025, 7:47 pm

Alliance Select posts loss despite revenue growth

Alliance Select Foods International, Inc. posted a net loss of USD 3.0 million in 2024 as impairment charges on certain assets offset gains from improved production efficiency and stronger sales.

The publicly-listed seafood processor recorded core profit of USD 893,000, marking a turnaround from a USD2.6 million loss in 2023. However, the non-cash impairment dragged full-year earnings into the loss column, reflecting the efforts to realign its asset base amid modernization efforts.

Consolidated net revenues grew 28 percent year-on-year to USD72.4 million, driven by increased sales volume, an expanded customer base, and better fish prices. Production costs fell by 7 percent, as higher plant utilization and new equipment installations improved efficiency.

Fourth-quarter results reflected this operational momentum, with gross profit margin rising by 90 basis points to 13.9 percent, and gross profit for the year increasing by 23 percent.

“FOOD continues its upward trajectory,” said ASFII President and CEO Jeoffrey P. Yulo. “We shall continue to improve productivity and efficiency and build on our organizational capability, as we prepare to expand our sales volume.”

Alliance Select, which exports tuna and other seafood products to over 30 countries, is positioning itself for growth despite near-term earnings volatility. The company’s focus on operational improvements suggests stronger fundamentals ahead, even as it absorbs short-term accounting headwinds.

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