Kingfish Company increased harvest by 55% in Q2
Sales and revenue also up after efforts to expand into new territories bear fruit
Land-based fish farmer The Kingfish Company increased its harvest volume by 55% and sales and revenue by around a third in the second quarter of this year, compared to the same period in 2023.
The Netherlands company, which grows yellowtail kingfish (Seriola lalandi) in a recently expanded recirculating aquaculture system (RAS) facility in Zeeland, sold 512 tonnes of fish, 36% more than the 377 tonnes sold in Q2 2023.
Revenue increased to €7.3 million (£6.1m), up 31% from the €5.6m in Q2 last year, although revenue per kilo dipped slightly to €14.2 (Q2 2023: €14.8 per kg).
Standing biomass doubled from 512 tonnes to 1,075 tonnes and net biomass growth increased to 631 tonnes (512 tonnes). Harvest volume increased to 599 tonnes (387 tonnes).
Focused sales efforts
The company said the growth in sales was a result of focused efforts to penetrate key markets and expand into new territories.
“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 company said in a stock market announcement.
It added that with its RAS systems functioning optimally, the company continued to prove its capability in producing high-quality fish in a reliable, consistent, and sustainable manner.
The Kingfish Company will release its interim Q2 and HY 2024 financial results on September 5, 2024.
