Listed seafood processor Alliance Select Foods International, Inc. reported a net revenue of USD72.5 million in 2024, up 28 percent from the previous year and the company’s highest topline since 2019.
The strong performance was driven by volume growth and an expanded customer base, signaling a turnaround after years of margin pressure.
President and Chief Executive Officer Jeoffrey P. Yulo told Alliance Select shareholders at their annual meeting the gross profit also surged 30 percent to USD8 million, also a five-year high. He said the improvement followed two consecutive years of gross margin declines and was attributed to improved fish costs, higher plant utilization, and enhanced operational efficiency. Plant utilization rose to 81 percent in 2024 from 68 percent in 2023, he added.
Alliance Select has revitalized customer-centric strategy helped bring back key accounts while deepening ties with both domestic and international clients. On the production side, costs declined by 7 percent, helped by new equipment and better process efficiencies, though the company acknowledged continuing challenges in skilled labor availability.
Despite reporting a net loss of USD3.0 million in 2024—largely due to asset impairments—Alliance Selected returned to profitability on a core basis, posting a core profit of USD893,000, a turnaround from the USD2.6 million core loss in 2023.
“We performed better through the efforts of our dedicated employees,” said Yulo. “We’re building capabilities through training and digital tools while remaining committed to responsible resource use.” He also cited ongoing sustainability efforts such as coastal cleanups and tree planting in Sarangani Bay as integral to the company’s long-term strategy.
