The Kingfish Company has reported more than doubled sales from €3.8 million in the first half of 2021 to €8.4 million in the first half of 2022. According to the Company, this is due to the continued strong demand for sustainably grown yellowtail kingfish in Europe and the US.
Besides, the sales price of both small and large fish increased by 14% compared with the first half of 2021. Also, it has reported a record of 742 tons of net growth of high-value yellowtail kingfish production. Resulting in a strong productivity index performance of 0.75 (net biomass growth per cubic meter capacity per day).
Regarding the operation of cash flow, the fee has resulted in EUR -1.5m, a significant improvement compared to EUR -3.0m in the first half of 2021. In more detail, the net loss after tax was EUR -2.8 million. This includes indirect costs and reflects development costs related to the scale-up phase of the business. Further, the planned expansion of the company's production capacity in the Netherlands and the US.
On the other hand, the Kingfish Company continues the expansion of its facilities in Europe with system installation and construction entering their final stage. Moreover, in the US, all state and federal permits have been secured for the planned new facility in Maine. It has secured a EUR 75 million ESG linked bilateral loan with PCP in the first half of 2022.
Through a press release, CEO Ohad Maiman, expressed his impressions of the report: "We are pleased to report excellent operational results during the first half of 2022. The sales price for both small and large fish increased by 14% compared with the same period last year. Fresh fish demand continues to outstrip supply despite increased harvest levels and higher sales prices."
The Kingfish Company is a leader in sustainable land-based aquaculture. The current annual production capacity in the Netherlands is 1,500 tons of high-quality and high-value yellowtail kingfish.
Expansion is underway and capacity in the Netherlands will reach 3,500 tons in the second half of 2022. In the US, permitting for the company's 8,500 tons capacity facility is progressing as planned.
Production is based on advanced RAS, which protects biodiversity and ensures biosecurity. Animal welfare is paramount, and the fish is grown without the use of antibiotics and vaccines. Operations run on 100% renewable energy, sourced from wind, solar, and biogas. The company's facilities operate on seawater, avoiding wasting of precious fresh water.
Its products have certifications from Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as a green choice by the Good Fish Foundation.
