Buoyant Kingfish on course to profit
The Kingfish Company, the Netherlands-based yellowtail fish farmer, recorded a strong performance last year.
Publishing its accounts for 2023, the company reported revenues up coupled with what it said was an excellent biological performance.
It achieved a 17% revenue increase in 2023, reaching €21.9m (£18m) against €18.7m (£16m) in 2022.
Kingfish, which has a second site under development at Jonesport, Maine in the United States, achieved a record biomass growth of 2,195 tonnes against 1,511 tonnes in 2022 and total volume sales of 1,457 tonnes, slightly higher than during the previous year.
The revenue per kilo rose by two euros or 15% to €15.10 (£12.88) while the gross margin per kg sold was up by 54% to €2.90 per kg (£2.47).
CEO Vincent Erenst said: “Looking back on 2023, I am pleased to announce several significant achievements. Our Phase 2 expansion [at the company’s production site in Zeeland, Netherlands] has been successfully completed, setting the stage for continued growth. The record biomass growth and outstanding biological performance of our fish have exceeded expectations.
“Looking ahead, we see potential to further enhance our operations through efficiencies and economies of scale. Our primary focus remains on accelerating sales growth while simultaneously improving operational efficiency. We are looking forward to an exciting and prosperous future.”
Vincent Erenst
He said that throughout the year, The Kingfish Company demonstrated unparalleled production excellence.
The journey towards profitability is gaining momentum, he added. Kingfish had a much lower operational loss (operational EBIT) of €4.9m (£4.lm) last year.
Erenst said: “Our farm’s biological performance surpassed expectations, achieving a record biomass growth of 2,195 tons (plus 45% in 2022).
“By the end of the year, we reached a closing biomass of 967 tonnes, significantly higher than the 408 tonnes recorded at the end of 2022. The remarkable efficiency of our expanded facilities pushed.”
Erenst added: “Whereas the current main priority is on optimising the operations in the Netherlands, the company also continues to investigate expansion plans in the US, Europe, and other regions.”
