International seafood company Alliance Select Foods International Inc. reported a banner year in 2018 after net income before tax increased by nearly seven times to $3.5 million in 2018 from just $562,000 in 2017.
Revenues jumped 35 percent to $97 million from $72 million in 2017.
“Overall, it was a record year for our company following a series of high points for FOOD. 2017 was our turnaround year. Our 2018 result shows that the positive trajectory is sustainable and long-term,” said Alliance Select president and chief executive officer Raymond KH See.
“Sustainability is core to our values. When we were in the process of turning the company around, we implemented changes that have a lasting impact not just on our profitability but also to the well-being of our customers, suppliers, team members and shareholders. I’m happy to say the hard work is paying off,” he said.
The company attributed the revenue growth to an increase in volume, both for the tuna and salmon businesses. Export sales of canned tuna increased surged 40 percent in 2018.
Unit Big Glory Bay also reported increases in volume of sales in its processed products and processed by-products by 19 percent and 168 percent, respectively.
Notable milestones in 2018 include the introduction of new product offerings, such as pouched tuna variants and frozen tuna loins for export, and the launch of Bay of Gold, a premium brand, catering to discerning customers who are looking for sustainably caught, no preservatives tuna products.
The company also expanded its product line and distribution channels for fresh and smoked salmon.
“Alliance plans to implement and continue several strategic initiatives and optimization measures to sustain the growth trajectory of the company, with a renewed focus on expanding business opportunities both within the Philippines and in the countries where we are present. In 2019, we will continue to build and grow. The strong foundation of work and systems our team has been putting in place will continue to bring us forward,” said See.
Alliance Select is a homegrown publicly-listed seafood company operating in General Santos City, with subsidiaries in Indonesia, New Zealand and the US.