H1 2021 FINANCIAL UPDATE
September 1, 2021
The Kingfish Company (Euronext Growth Oslo: KING) reports increased sales price and production in the first six months of 2021, resulting in strong revenue growth of 95 percent compared to same period in 2020.
The Kingfish Company achieved a significant improvement in underlying farming operations. In the first six months of 2021, gross profit per kg sold was EUR 2.2, up from EUR 1.6 per kg for 2020 as a whole, corresponding to an improvement of 38 percent.
In addition, the company reached productivity of 0.65 kg per cubic meter per day in the first half of 2021. This represents an increase of 20 percent from first half of 2020.
“We are pleased to see the positive results of our efforts to develop a sector leading and reliable production system for high-value marine seafood, and to confirm an ongoing improvement of productivity over our design capacity,” said Ohad Maiman, CEO of The Kingfish Company.
The company’s sales reached EUR 3.8 million, and net loss after tax in the first half of 2021 was EUR 3.5 million, which includes indirect costs and also reflects development costs related to the scale-up phase of the business, and planned expansion of the company’s production capacity in the Netherlands and the US.
“We are in the process of doubling our capacity to more than 3,000 tons in The Netherlands and are in advanced stages of development of a 6,000-8,000-ton facility in the US, targeting groundworks start between Q4 2021 to Q1 2022,” said Maiman.
On finance, The Kingfish Company’s strategic adviser J. P. Morgan is advancing work to secure equity fundraising for the US development and additional growth. And on sales, the team has been strengthened with the hiring of Lauren Enz as US VP of Sales, as well as the addition of country sales managers for Italy, Germany, and the UK.
“Overall, fresh product demand continues to outstrip supply with the re-opening of Horeca business across Europe and US while newly established retail channels show strong performance. Our frozen individually vacuum packaged (IVP) portions have been successfully launched in Whole Foods Market US nationwide, and we also launched fresh modified atmosphere packaging (MAP) portions in over 300 stores of Albert Heijn, the largest retailer in Netherlands,” said Maiman.
For more information Please see the attached Financial update for the first six months of 2021.
The Kingfish Company will present the business update to investors, analysts, and media on Thursday September 2, 2021 at 16:00 CET. The online presentation will be followed by a Q&A session. Both will be hosted by the company’s CEO Ohad Maiman, CFO Christo du Plessis and COO Kees Kloet.
Call in details
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For media and investor inquiries, please contact press@the-kingfish-company.com
Company News feed https://www.the-kingfish-company.com/news
About The Kingfish Company The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,250 tons of high quality and high value Yellowtail Kingfish.
Expansion is underway and capacity in the Netherlands will reach 3,000 tons in the second half of 2022. In the US, permitting for the company’s 6,000 - 8,000 tons capacity facility is progressing as planned, with production start scheduled for second half of 2023.
Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure bio security. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The company’s facilities operate on sea water, avoiding wasting of precious fresh water.
The Kingfish Company’s main product at present, the Yellowtail Kingfish (also known as Ricciola/Hiramasa/Greater Amberjack) is a highly versatile premium fish species, well known in the Italian and Asian fusion cuisines.
Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices(BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.