Kats, the Netherlands-based yellowtail producer The Kingfish Company has reported increased production and a higher sales price for the first six months of 2021, resulting in 95 percent revenue growth compared to same period of 2020.
The company’s sales reached EUR 3.8 million (USD 4.5 million) in H1 2021, while its net loss after tax in the first half of 2021 was EUR 3.5 million (USD 4.1 million) – which includes indirect costs, costs related to the scale-up phase of the business, and the planned expansion of the company’s production capacity in the Netherlands and the United States.
The H1 totals build off a strong second quarter for The Kingfish Company, which achieved milestone production and sales figures as well as increased harvest levels in Q2.
The average sales price achieved in H1 2021 increased 5 percent to EUR 11.30 (USD 13.36) per kilogram, with the company reporting that demand for its products continues to outstrip its supply.
In regard to its farming operations, its gross profit per kilogram sold was EUR 2.20 (USD 2.60) in H1 2021, up 38 percent from EUR 1.60 (USD 1.89) per kilogram for 2020. Additionally, it reached productivity of 0.65 kilograms per cubic meter per day, representing an increase of 20 percent from H1 2020.
Additionally, The Kingfish Company reported producing a record 496 metric tons (MT) of yellowtail in the first six months of 2021.
“We are pleased to see the positive results of our efforts to develop a sector leading and reliable production system for high-value marine seafood, and to confirm an ongoing improvement of productivity over our design capacity,” The Kingfish Company CEO Ohad Maiman said. “We are in the process of doubling our capacity to more than 3,000 MT in the Netherlands and are in advanced stages of development of a 6,000 MT to 8,000 MT facility in the U.S., targeting groundworks start between Q4 2021 to Q1 2022.”
The company’s strategic adviser, J.P. Morgan, is advancing work to secure equity fundraising for the U.S. development and additional growth, it said. On sales, the team has been strengthened with the hiring of Lauren Enz as U.S. vice president of sales, as well as the addition of country sales managers for Italy, Germany, and the United Kingdom.
“Overall, fresh product demand continues to outstrip supply with the re-opening of HoReCa [hotel, restaurant, and casino] business across Europe and U.S., while newly established retail channels show strong performance. Our frozen individually vacuum packaged portions have been successfully launched in Whole Foods Market U.S. nationwide, and we also launched fresh modified atmosphere packaging (MAP) portions in over 300 stores of Albert Heijn, the largest retailer in The Netherlands,” Maiman said.
Current annual production capacity at the company’s Kingfish Zeeland recirculating aquaculture systems (RAS) facility in the Netherlands is 1,250 MT.
With permits for its Maine facility progressing as planned, U.S. production is scheduled to start in the second half of 2023, Maiman said.
Photo courtesy of the Kingfish Company
