Kingfish Company unveils big surge in 2024 sales and revenue
The Kingfish Company achieved high volume growth and increasing market demand for yellowtail fish last year, while reducing its operating losses per kilo.
The volume sold by the land based fish farmer in 2024 increased by 37% to 1,992 tonnes, while the harvest was up by 41% to 2,323 tonnes. Revenues rose by 26% to €27.7 million (£23m).
The operational EBITDA was -€3.4m, compared with an EBITDA loss of -€3.9m in 2023. Operating losses (EBITDA) per kg showed a significant improvement, at -€1.7 per kg against -€2.7 per kg in 2024.
The Kingfish Company produces yellowtail kingfish in its RAS (recirculating aquaculture system) facility in Zeeland, in the Netherlands.
Kingfish CEO Vincent Erenst said the company closed the year with strong commercial momentum, achieving over 60% volume growth in the final quarter and surpassing 2,000 tonnes in annual shipped volume for the first time.
He added: “This growth reflects both the increasing market demand for our sustainably farmed yellowtail kingfish and the success of our increased sales capabilities.
“Meanwhile, we have taken important steps to optimise operational efficiency, align production with demand, and ensure we remain on track to reach profitability.
“With broad support of our shareholder base through a fully underwritten equity raise in January, we started 2025 with a strengthened financial foundation and a clear strategy to capitalize on the growing demand for high-quality, sustainable seafood.”
The Kingfish report for 2024 said the company had managed its biomass levels strategically during the year, to align production with sales demand.
By the year-end, the standing biomass had reached 1,118 tonnes, and a 16% increase compared to 967 tonnes at the end of 2023.
As the farm operated above its optimal biomass level for part of the year, the company implemented growth control measures to align production with sales. This led to a temporary decrease in productivity and an increase in eFCR to 1.53, compared to 1.36 in 2023.
As outlined previously, the Kingfish Company initiated a biomass reduction plan in Q4 2024 to bring the standing biomass down to around 900 metric tonnes over the first quarter of 2025.
As a result, an exceptional reduction of the biomass fair value was taken in Q4 2024 of approximately €1.2m.
A year ago its new processing facility began operations, equipped to handle the current maximum production capacity of 4,000 tonnes and prepared for future expansion to 6,500 tonnes.
The report said: “The company demonstrated substantial commercial progress in 2024, achieving a year-on-year 37% increase in volume sold to 1,992 tonnes and a 26% increase in revenue to €27.7million (£23m).
This growth reflects both the success of our refreshed sales strategy and higher market demand."
The Kingfish Company, which is also expanding with a new facility in Maine in the United States, said it was well on track to achieve its 25×25 sustainability targets. In 2024, the company successfully lowered its carbon emissions. Total carbon emissions (CO2e) per kilogram of product dropped from 5.21 kg CO2e in 2023 to 4.22 kg CO2e in 2024.
The company said: “The shift to greener inputs has been transformative. By replacing conventional materials with more sustainable alternatives, we have improved our environmental footprint.”
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