Kingfish Company sees sales up 36% in Q2

Land-based fish farmer The Kingfish Company saw its sales volume leap by more than a third, year on year, in the second quarter of this year.

In its latest trading update the company, which is listed on the Oslo Stock Exchange, said revenue for Q2 was up by 31% to €7.3m (£6.1m) (Q2 2023: €5.6m, or £4.7m). The volume sold was up 36% to 512 tonnes (Q2 2023: 377 tons).

Standing biomass doubled to 1,075 tonnes (Q2 2023: 512 tons). Net biomass growth was 631 tonnes (Q2 2023: 512 tonnes) and the company also recorded strong harvest volume growth of 55% to 599 tonnes (Q2 2023: 387 tonnes)

Revenue per kg was €14.20 per kg, £11.90 (Q2 2023 €14.80 per kg, £12.43).

The Kingfish Company produces yellowtail kingfish in a RAS (recirculating aquaculture systems) facility in Zeeland, Netherlands, and is also moving ahead with a second site in Maine, in the USA.

The latest update states: “This growth is a result of focused efforts to penetrate key markets and expand into new territories, driving our revenue to €7.3 million, a 31% increase from Q2 2023. The additional investment in commercial activities has begun to yield results, resulting in market growth for The Kingfish Company’s main product yellowtail kingfish, in the professional and retail sectors.

“The biological performance of the farm was impressive, with the biomass growth in the quarter being 631 tons. Compared to Q2 2023, the standing biomass more than doubled to 1,075 tons at the end of Q2, 2024. With the RAS systems functioning optimally, the company continues to prove its capability in producing high-quality fish in a reliable, consistent, and sustainable manner.”

The company will release its interim Q2 and HY 2024 financial results on 5 September.