Kingfish Company moves towards profit as sales rise
The Netherlands-based Kingfish Company, which produces yellowtail in a land-based farm, saw growth accelerate during the second quarter of this year.
Announcing its Q2 financial results, The Kingfish Company saw its volume production rise by 36% from 377 tonnes a year ago to 512 tonnes this quarter and 922 tonnes for the half year against 740 tonnes in H1 2023.
The Kingfish Company operates a RAS (recirculating aquaculture systems) facility in Zeeland, in the Netherlands.
CEO Vincent Erenst said: “Q2 2024 showed an acceleration of our growth marked by a 36% increase in volume to 512 tons and revenue of €7.3m [just over £6m], an increase of 31% compared to last year.
“Our efforts in penetrating key markets and exploring new territories are starting to pay off as we continue to build up our sales team.
“Our farm’s biological performance is highly encouraging, with biomass growth reaching 631 tons and the standing biomass more than doubling to 1,075 tons.”
The Q2 operational EBITDA or operational loss was down by 26% , reaching €0.8 million (£670,000) in Q2 2024, against a loss of €1.1m (£924,000) in Q2 2023.
Erenst added: “Our RAS systems are operating beyond expected performance, underscoring the effectiveness of our technology and processes in consistently and reliably producing high-quality, sustainable yellowtail kingfish.”
Vincent Erenst, CEO, The Kingfish Company
During the second quarter, The Kingfish Company said it demonstrated substantial sales acceleration, achieving a record volume.
The company has been increasing its sales and marketing team and is launching new initiatives to accelerate the penetration of Yellowtail Kingfish in targeted markets. It says sales are accelerating, and the directors are confident that these efforts will gradually drive growth and further strengthen its market position.
The company is focusing on accelerating revenue growth, while optimising operations and making substantial investments in sales and marketing to expand its customer base and develop existing and new markets.
It is also continuing to develop its expansion plans in the United States – where plans are well underway for a land-based farm in Maine – and the Netherlands, where it plans to grow the existing site at Zeeland.
