The Kingfish Company's facility in Kats, Zeeland, The Netherlands, where it completed its Phase 2 expansion in December 2023.
Photo: The Kingfish Company.
Record sales growth of 36% in Q2 2024 for The Kingfish Company. It got substantial sales acceleration, achieving a volume of 512 tons compared to the 377 tons achieved in the second quarter of 2023. As a consequence of this soar, revenues increased by 31% to EUR 7.3 million (USD 7.8 million) compared to EUR 5.6 million (USD 6 million) in the same period of the previous year.
The land-based yellowtail kingfish farmer noted that this growth is the result of the company's efforts to penetrate key markets and expand into new territories. "The additional investment in commercial activities has begun to yield results, resulting in market growth for Kingfish Company’s main product Yellowtail Kingfish, in the professional and retail sectors," read the release of the Q2 2024 trading update.
However, sales and revenue were not The Kingfish Company's only strength in Q2 2024. "The biological performance of the farm was impressive," the company said. With biomass growth in the quarter of 631 tons, standing biomass more than doubled to 1,075 tons at the end of Q2 2024, up from 512 tons in Q2 2023.
"The Company continues to prove its capability in producing high-quality fish in a reliable, consistent, and sustainable manner," the release claimed. As reported in its January trading update, The Kingfish Company completed its Phase 2 expansion in late December and has since been fully operational with all tanks fully stocked.
But if 2023 was "a pivotal year" for The Kingfish Company, it seems that 2024 is not far behind. In March, its state-of-the-art packing and processing plant in Kats, Zeeland, The Netherlands, went into operation. Directly connected to the farm, fish is now harvested straight to the new facility and packed in boxes for shipment to customers.
That expansion of at-home production looks like it will soon be joined by production in the United States. As reported last week, Kingfish Maine - its U.S. subsidiary - has taken another step forward for its future operation in Jonesport, Maine, and remains a fully-permitted project after a court denied the latest appeal by opposition group Protect Downeast.