Q2 Business Update
The Kingfish Company [Euronext: KING] secures final water side permit for US farm in Maine, reports Q2 2021 record sales, production, and harvest levels, and achieves higher sales prices while production capacity ramps up.
Despite increased harvest levels, the company’s current production capacity is sold out. Further expansion of its facility in The Netherlands and the development of a new site in Maine, US is progressing as planned.
“We are proud of our team which has delivered over three years of successful and continuous system operation. In the second quarter, we have seen improved output from our hatcheries and record production in The Netherlands, achieved a major milestone in the development of our US farm in Maine by securing the second and final water side permit, and launched retail ready branded products with Whole Foods Market and Albert Heijn”, said Ohad Maiman, CEO of The Kingfish Company.
In Q2 2021 the company set a new production record with 268 tons growth, an increase of 17 percent over the previous quarter. Stocking of the new system was completed in Q2, bringing total installed capacity to 1,250 tons per year. Productivity was 0.62 kg per cubic meter per day, down from 0.70 the previous quarter as significant newly stocked system capacity matures.
Compared with Q1 2021, total sales in Q2 2021 grew 56 percent in revenue to EUR 2.3 million, and 42 percent to 197 tons in whole fish equivalents.
The Kingfish Company will present the business update to investors, analysts, and media on Wednesday July 7th, 2021 at 16:00 CEST. 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.
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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.