Kingfish Company sales revenue jumped by 82% last year

Netherlands on-land fish farmer The Kingfish Company increased sales revenue by 82% to €18.8 million in 2022, compared to the year before, it said today in a market update for Q4 2022 and the full year.

The company, which farms yellowtail kingfish (Seriola lalandi), achieved a record production of 1,511 tonnes of net growth in 2022 and total sales volume was 1,438 tonnes, it said in the update, which did not include any profit and loss figures.

Sales revenue was €5 m in Q4, helped by a greater proportion of large fish, which fetch more per kilo. Large fish achieved an average price of €18.2 per kilo (whole fish equivalent) in Q4 – up 39% year on year – and small fish fetched €12 per kilo (+16% YoY).

The proportion of large fish sold in Q4 increased to 44%, compared to approximately 30% in the first nine months of 2022.

Leading productivity

Kingfish, which has had no mass mortality events in five years of operation, said it achieved sector leading productivity of 0.78 kg per cubic metre of tank volume per day in Q4, an improvement of 6% over the previous quarter.

The company has begun growing fingerlings for phase 2 of its recirculating aquaculture system facility in Zeeland, and has begun commissioning the €90 m plant which will expand capacity from 1,500 tonnes a year to 3,500 tonnes. Phase 2 includes infrastructure that will serve the existing and new facilities plus a third phase which will add capacity for a further 2,500 tonnes per year.

“We are proud of our team which has delivered five years of successful operational results with continuous improvements, confirming the name plate capacity of our facility,” said interim chief executive Hans den Bieman.

“We have seen productivity increase with the third generation of fingerlings, increased size of fish, and no mass mortality events.

“We are now ready to launch capacity for phase 2 and we are delighted that we have started commissioning the hatchery in January.”

The Kingfish Company recently appointed experienced fish farmer Vincent Erenst as its new chief executive, effective 6 February. Erenst has worked as chief operating officer at Singapore-based Barramundi Group and at Mediterranean marine fish producer Avramar, and spent more than a decade as managing director of salmon farmer Mowi Canada West.

The Kingfish Company has successfully completed a €35 m equity raise through a private placement and a subsequent offering.

The company also has permission to build and run an 8,500-tonne RAS facility in Maine in the United States. The farm is estimated to cost $110 m. Last month, The Kingfish Company told Fish Farming Expert that fundraising was continuing for the project.