Kingfish Company ‘on path to profitability’

Land-based fish farmer The Kingfish Company is on the path to profitability after reducing losses in 2022 and recording record revenue for the first quarter of this year, it said today.

The Netherlands farmer, which grows yellowtail kingfish (Seriola lalandi), earned sales revenue of €5.6 million in Q1, up 55% compared to the same period last year.

Revenue per kilo was up €0.6/kg compared to Q4 2022, at €15.1, driven by the increasing average size of its fish. Volume sold in Q1 increased 18% year on year to 375 tonnes.

The Kingfish Company increased annual production by 31% to 1,511 tonnes in 2022 and will more than double capacity when phase 2 of its recirculating aquaculture system (RAS) facility in Zeeland opens this year. Construction is 95% complete.

A great start

“It has been a great start of the year, with record sales and continuous production improvements,” said Kingfish chief executive Vincent Erenst.

“The demand for our high-quality product is strong across all our markets, and we are preparing to increase production to meet growing demand. The commissioning of the Phase 2 extension installation started in January, and we have now a fully functional state-of-the-art hatchery that has delivered the first batches of excellent quality fingerlings.”

Kingfish made revenue of €18.738m in 2022, up from €10.371m in 2021. Its operating loss fell from €6.28m in 2021 to €3.902m.

The company has also been able to secure a €75m debt facility with P Capital Partners AB and in January it raised approximately €35m through a private placement and a subsequent offering.

Read its 2022 annual report here.