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 EUR3.8 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
"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,"
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 and financial 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.
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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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