2021 Annual Stockholders’ Meeting
15 June 2021
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.
Alliance Select Posts USD8.6 Million Net Revenues for 1Q21
Manila, Philippines (May 14, 2021) – 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.