Kingfish Company doubled volume and turnover in 2021

“We are proud of our team which has delivered four years of successful and continuous system operations,” said chief executive Ohad Maiman in a business update for the final quarter of 2021 and the full year.

“In 2021 we doubled sales of whole fish equivalents (WFE) to 902 tonnes, compared with 467 tonnes in 2020. At the same time, the average sales price achieved increased by 6.5% to €11.5/WFE kg in 2021.”

The update does not include any figures on profit or loss.

159% revenue increase

Sales in Q4 2021 grew 159% in revenue to €3.8m and 144% in tonnage (WFE) to 335 tonnes compared to the same period in 2020, while Horeca (hotels, restaurants, cafes) businesses were impacted by stricter Covid measures. An average sales price increase resulted in €11.2 WFE kg on overall sales.

The Kingfish Company achieved production of 324 tonnes net growth in Q4, resulting in 1,154 tonnes of overall production in 2021. Productivity was 0.64 kg growth per cubic metre per day in Q4 2021, in line with the full year average.

The fish farmer sells through stores in 14 countries. A full line of fresh and frozen retail ready portions is available internationally, and product testing is under way for the launch of a smoked retail product.

Europe and the US

The company said it was well on track with phase 2 of its recirculating aquaculture (RAS) facility in Zeeland which will expand production capacity from 1,500 to 3,500 tonnes per year. It spent approximately €13m on phase 2A in the second half of last year as part of an overall capital expenditure of €18.7m. Capex is expected to increase this year as it embarks on phase 2B, dependent of financing.

The firm’s US subsidiary, Kingfish Maine, has permission to build an 8,500-tonne capacity yellowtail RAS facility in Jonesport, Maine and will start construction once financing has been secured.