The Kingfish Company [Euronext: KING] doubled sales and output while average
sales price increased in 2021
Driven by high demand for sustainably grown Dutch Yellowtail in Europe and the
US, and as a result of the company's successful and ongoing capacity expansion,
The Kingfish Company reported a doubling of sales from EUR5.0 million in 2020 to
EUR10.4 million in 2021.
"We are proud of our team which has delivered four years of successful and
continuous system operations. In 2021 we doubled sales of whole fish equivalents
(WFE) to 902 tons, compared with 467 tons in 2020. At the same time, the average
sales price achieved increased by 6.5% to EUR11.5/WFE kg in 2021," said Ohad
Maiman, CEO of The Kingfish Company.
Market demand for high-value Dutch Yellowtail is strong in both Europe and the
United States, and its products are now sold in 14 countries, where Whole Foods
Market, Conad, Auchan and El Corte Inglés are some of the company's largest
retail clients.
In 2021, the company produced a record 1,154 tons of high value yellowtail
kingfish.
Solid results during the fourth quarter of 2021
Compared to Q4'20 sales grew 159 percent in revenue to EUR3.8m and 144 percent in
whole fish equivalent (WFE) tonnage to 335 tons, while Horeca businesses were
impacted by stricter corona measures. An average sales price increase resulted
in EUR11.2 WFE kg on overall sales.
In Q4 2021 the company achieved production of 324 tons net growth, resulting in
1,154 tons of overall production in 2021. Productivity was 0.64 kg growth per
cubic meter per day in Q4 2021, in line with the full year average.
Expanding capacity to meet strong demand
The Kingfish Company continues to be well on track with the expansion of its
facilities in Europe and important milestones have been achieved for the planned
new facility in Maine, US.
"We are pleased that we gained final state level approvals and announced the
purchase of land for our new US farm in Maine, while our expansion in Europe is
well on track. In parallel, we continue to work on securing financing for
further expansion in Europe and in the US," Mr. Maiman said.
Expansion in Europe well on track
The Kingfish Company continues to be well on track with the expansion of its
facilities in Europe. The company had successfully completed phase 1B in early
2021, on time and on budget. Target standing biomass was reached in Q3, as
scheduled, leading to record production and sales. The construction of EU phase
2 remains on schedule. As previously announced, system capacity being
constructed has been upgraded from projected 1,750 tons to 2,000 tons per year,
bringing total installed capacity in the Netherlands to 3,500 tons per year once
completed.
In the second half of 2021, spending on phase 2 capital development amounted to
approximately EUR13.0 million. Total spending on capital development in the second
half of 2021 was EUR18.7 million. As a result of the kick-off of phase 2B, which
will include a second pumphouse, second intake- and exhaust pipeline and an
expanded hatchery in the Netherlands, the company anticipates an acceleration of
capex in 2022, with the majority of capex being spent in the first half of the
year.
Milestones achieved in Maine
In November 2022, The Kingfish Company gained final state level approvals and
announced that the land had been purchased for its new facility in Jonesport,
Maine. Following the approval and the land purchase, the company is cleared to
start groundworks. The US development is projected to reach 8,500 metric tons of
capacity once built. Construction in Maine will start once financing has been
secured.
For more information
Please see the attached Q4 and full year 2021 business update presentation.
The Kingfish Company will present the business update to investors, analysts,
and media on Monday January 10th, 2022 at 15:00 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
https://bit.ly/34hxBQN
For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.com
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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 1,500 tons of high quality and high value Yellowtail
Kingfish.
Expansion is underway and capacity in the Netherlands will reach 3,500 tons in
the second half of 2022. In the US, permitting for the company's 8,500 tons
capacity facility is progressing as planned.
Production is based on advanced recirculating aquaculture systems (RAS), which
protect biodiversity and ensure biosecurity. 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.