PRESS RELEASE

 

16 May 2022

Alliance Select Posts USD6.4 Million in Net Revenues for 1Q2022

Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) reported consolidated net revenues of USD6.4 million for the first quarter of 2022 versus USD8.6 million in the comparable period last year. Gross profit reached USD0.5 million with an equivalent gross profit margin of 7.9%.

Weak export demand has continued on rising freight costs largely due to the temporary closure of ports and lack of shipping containers. To mitigate the lower sales volume, the Company implemented cost-saving measures to reduce the cost of goods sold and lower selling and administrative expenses, which fell 24% and 28%, respectively. The Company has also reduced debt level significantly resulting in a 39% year-on-year drop in interest expense.

ASFII posted a consolidated net loss of USD394 thousand during the first quarter of 2022, lower than the USD506 thousand net loss in the same quarter last year.

ASFII Chief Executive Officer Raymond K.H. See said, “2021 has been quite challenging amid the pandemic and the continued rise in raw materials and shipping costs. Nevertheless, we will continue to implement new marketing initiatives for better topline growth alongside our cost-saving plans.”

In 2021, the Company reported lower net revenues of USD 40.8 million, down 35% year-on-year. Consolidated net loss was trimmed to USD 1.1 million from net losses of USD8.6 million in 2020.

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19 November 2021

Alliance Select Focuses on Philippine Operations with Sale of New Zealand Subsidiary

During its special meeting held on November 19, 2021, the Board of Directors of Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE: FOOD) has approved the sale of its farmed salmon subsidiary Akaroa Salmon New Zealand Ltd. (“Akaroa”).

The transaction involves the sale of ASFII’s eighty percent (80%) stake in Akaroa, a company incorporated and domiciled in New Zealand. Proceeds from the sale will be used to reinvest in the Company’s operations and reduce debt.

The sale is consistent with the company’s long-term objective to focus on its Philippine operations.

ASFII Chief Executive Officer Raymond K.H. See said, “We remain optimistic about the future of ASFII and will continue to invest in our business. We are confident that this latest development will allow us to streamline our operations and improve profitability.”

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15 November 2021 

Alliance Select Posts USD31 Million in Net Revenues for 9M2021  

Homegrown seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) reported consolidated net revenues of USD31 million for the first nine months of 2021 versus USD52 million in the comparable period last year. EBITDA remained positive with USD0.7 million while gross profit reached USD3.1 million. With the cost of goods sold down by 41% year-on-year, gross profit margin improved to 9.8% in 9M21 from 8.7% in 9M20.

Amidst the COVID-19 pandemic, weak export demand and high freight costs due to the global shortage of shipping containers have continued to dampen sales volume. The company implemented cost optimization measures to reduce the cost of goods sold and lower selling and administrative expenses, which fell 13% year-on-year. ASFII also paid down its high-interest-bearing debts, resulting in a 42% decline in interest expense to USD0.5 million in 9M21.

ASFII reported a consolidated net loss of USD0.07 million during the first nine months of 2021 versus USD0.6 million in the same period last year.

For the third quarter of 2021, consolidated net loss amounted to USD0.13 million, an improvement compared to net loss of USD0.35 million in the same quarter last year.

ASFII Chief Executive Officer Raymond K.H. See said, “We are looking forward to a more stable environment as economies across the globe recover from the impact of the COVID-19 pandemic. We’ve made several adjustments in our business, including streamlining of operations and improving our cost structures, which should allow for better growth coming into 2022.” 

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

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13 August 2021

Alliance Select Posts USD20 Million in Net Revenues for 1H2021

International seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”, PSE:FOOD) posted consolidated net revenues of USD20 million for the first half of 2021 versus USD35 million in the comparable period last year. Gross profit reached USD1.8 million with slightly higher gross profit margin of 8.9% from 8.8% in 1H20.

Lower sales volume was largely due to weak export demand and high freight costs amid the prolonged COVID-19 pandemic. Thus, the company continues to implement cost-saving measures with selling and general administrative expenses down 17% year-on-year to USD2.3 million in 1H21. Likewise, initiatives to pay down high-interest-bearing liabilities resulted in a 42% decline in interest expense to USD313 thousand from USD541 thousand in 1H20.

ASFII reported a net loss of USD0.6 million during the first six months of 2021 versus USD0.3 million in the same period last year.

ASFII Chief Executive Officer Raymond K.H. See said, “Our business operations have seen sequential QoQ improvement despite the challenges brought by the pandemic. We aim to continuously implement new marketing initiatives for topline growth alongside our cost-saving measures. We are also committed in exploring opportunities to further expand our domestic and international businesses.” 

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

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15 June 2021

2021 Annual Stockholders’ Meeting

MANILA, PHILIPPINES — In the Company’s Annual Stockholders’ Meeting held today virtually, Alliance Select Foods International, Inc. (“ASFII” or the “Company”; PSE: FOOD) Treasurer Ma. Carolyn C. Angeles reported the Company’s full year 2020 and first quarter 2021 net revenues at USD62.7 million and USD8.6 million, respectively.

“ASFII aims to sustain its growth trajectory despite the challenges brought by the COVID-19 pandemic. We have taken several initiatives to improve our market share in Asia and North America. Likewise, our recent capital investment for automation and equipment upgrade should improve our production efficiency and reduce cost.” ASFII Chief Executive Officer Mr. Raymond K.H. See added.

The prolonged COVID-19 pandemic has weakened market demand and resulted in higher freight and raw material costs. To partially cushion the impact, the company implemented cost-cutting measures and paid down interest-bearing debts to lower finance costs. Factoring a weaker USD, ASFII posted net losses of USD10.1 million in 2020 and USD0.5 million in 1Q21.

In 2020, ASFII earned the top spot in the Greenpeace Southeast Asia’s 2020 Tuna Cannery Ranking Report for its sustainability policies and practices. It was ranked No. 1 in the Philippines for the second time in a row, and No. 3 among top canneries in Southeast Asia.

In part of the company’s advocacy for responsible stewardship of the ocean and marine life, The Bay of Gold Scholarship Grant continues to send scholars to Mindanao State University on full scholarship.

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

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May 14, 2021

Alliance Select Posts USD8.6 Million Net Revenues for 1Q21

International seafood company Alliance Select Foods International Inc. (“ASFII” or the “Company”; PSE: FOOD) reported consolidated net revenues of USD8.6 million for the first quarter of 2021. Lower sales volume of canned tuna and other products was mitigated by a significant drop in cost of goods sold, resulting in a gross profit of USD0.8 million and GPM of 9.5%.

The Company also paid down its high interest-bearing liabilities to reduce its interest expense, which fell 45% in 1Q21 as compared with the same period last year. ASFII continues to focus on improving its working capital through better cash collection, faster inventory turnover, and increased production efficiencies.

However, the prolonged COVID-19 pandemic has weakened export demand mainly due to higher freight and raw material costs. Combined with a stronger Philippine peso, ASFII posted net losses of USD0.5 million in 1Q21.  

ASFII Chief Executive Officer Raymond K.H. See said, “Despite the challenges brought about by COVID-19, we continue to implement strategic initiatives to support the growth trajectory of the Company. Our investments in new equipment are expected to increase operating efficiency and reduce costs over time.”

Alliance Select Foods International Inc. is a publicly listed seafood company that began as a tuna cannery in General Santos City, and has since expanded its product portfolio to serve customers world-wide.

 

 

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