Kingfish Company RAS expansion 'is completed and working'
Netherlands seriola farmer will produce 3,500 tonnes annually from next year
An extension of land-based fish farmer The Kingfish Company’s recirculating aquaculture system (RAS) facility in the Netherlands has been completed and is fully operational, the company said today in a trading update for the final quarter of 2024. The extension more than doubles production capacity from 1,500 to 3,500 tonnes.
“Phase 2 was successfully completed before the end of December, resulting in all tanks being fully stocked,” stated the fish farmer, which produces yellowtail kingfish (Seriola lalandi).
“This significant milestone has enhanced the total production capacity to 3,500 tonnes. In 2025, the Company will be able to operate at full capacity. The biological performance of the new farm is excellent and continues to exceed our expectations.”
Standing biomass in Q4 at the facility in Zeeland more than doubled from the previous year from 408 to 967 tonnes, and net biomass growth during the quarter was 635 tonnes (Q4 2022: 408 tonnes).
Harvest volume was up slightly year on year to 419 tonnes (387), and the volume of fish sold was 1% lower at 343 tonnes (347).
Total revenue in Q4 was €5.2 million (€5.1m), and revenue per kilo increased 3.8% to €15.2 per kilo (€14.6/kg).
The company said that despite softer markets at the beginning of the fourth quarter and increased competition in the US frozen market, prices in its principal markets in Europe have remained stable.
Additionally, as the year concluded, demand in key markets strengthened.
Accelerated sales phase
“The completion of Phase 2 marks the beginning of an accelerated sales phase. In a strategic move, we welcomed a new commercial director, Gudo klein Gebbink, in January 2024. This role is pivotal in driving the expansion of our customer base and boosting sales across both existing and new markets,” said company chief executive Vincent Erenst.
The Kingfish Company has yet to make a profit, but in a presentation of unaudited financial results for Q3 2023, made in November, it said its path to profitability was confirmed with operational EBITDA (a measure of operating profit) approaching break-even level at € -0.1m in the quarter.
Along with its Netherlands operation, The Kingfish Company has a US subsidiary, Kingfish Maine, which has permission to build an 8,500-tonnes-per-year RAS in Jonesport, Maine.