Kingfish Company shifted a record volume in Q4
Land-based yellowtail farmer The Kingfish Company has reported a sales volume of 556 tonnes for the last quarter of 2024, up from 343 tonnes year-on-year.
The Netherlands-based company said in its latest trading update that sales for Q4 had been driven by “strong holiday season demand and a well-executed go-to-market approach.”
Growth in both retail and food service channels reached new levels compared to previous years. However, revenue per kg declined to €13.4, impacted by seasonal promotions and the need to sell an increased amount of small sized fish to adjust the biomass.
Full-year shipments exceeded 2,000 tons for the first time in the company’s history. Harvested volumes for Q4 2024 totalled 586 tonnes, with net biomass growth of 641 tons. By year-end, the standing biomass reached 1,118 tonnes.
The company warned, however, that its farm in Zeeland is operating “above optimal biomass levels”. To address this, it said, it has initiated a biomass reduction plan to bring the standing biomass to approximately 800-900 metric tons over the next 4-6 months.
The update said: “This biomass is sufficient to meet the 2025 sales forecast, and the reduction will improve biological performance and reduce production costs. This one-time adjustment will result in an inventory write-down in Q4 2024 financials but will not materially impact cash flow.”
The Kingfish Company’s fourth-generation broodstock achieved a major milestone in Q4 2024, producing its first eggs six months ahead of schedule.
The update said: “Given the large production capacity and technical capabilities of the hatchery in the Netherlands, Kingfish has decided to concentrate its global hatchery activities at its Zeeland facility. This strategic move ensures that future US operations [the company is planning to build a land-based farm in Maine, on the US north-east coast] benefit from the advanced capabilities of the Dutch hatchery, maintaining high standards of quality, efficiency, and cost optimisation.”
The proposed farm at Jonesport in Maine, the company said, is waiting for the final outcome of the last appeal, the company said. Timing of the start of the construction will be determined “once favourable legal, economic, and financing conditions are in place”.
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