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.
For more information
Please see the attached Q2 2021 business update.
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.
Call in details
For media and investor inquiries, please contact
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About The Kingfish CompanyThe 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
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
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