Strong demand for Yellowtail kingfish lifts Kingfish Company sales
July 14, 2022 By Nestor Arellano
Continued growing demand for Yellowtail kingfish had enabled Dutch land-based aquaculture operator the Kingfish Company to report a strong second quarter for 2022.
“Driven by continued strong demand for sustainably grown Yellowtail Kingfish in Europe and the US, The Kingfish Company [Euronext: KING] more than doubled sales from €2.3 million in Q2 2021 to €4.8 million in Q2 2022.,” a press release from the company said.
The Netherland-based company said an average yellow tail kingfish sale price increase of 12 per cent year-over-year bode well for Kingfish Company especially when its record production of 402 tons high-value yellowtail kingfish is taken in to account. The company produced 340 tons of yellowtail kingfish in Q1 of 2022.
“Consistent with our growth plans, we have achieved an important milestone and are now EBITDA positive year to date for the Netherlands operation,” said Ohad Maiman, chief executive of The Kingfish Company.
The sale price of high-value yellowtail kingfish in Europe and the US grew 108 per cent to €4.8 million in Q2 2022 and 95 per cent in whole fish equivalent (WFE) tonnage to 384 tons. The average sales price increased to €13.1 per WFE kg on overall sales, compared with €11.5 in the previous quarter. The average realized price of large fish improved from €14.6/kg in Q1 2022 to €15.7/kg in Q2 2022. The price of small fish increased from €10.0/kg in Q1 2022 to €11.4/kg in Q2 2022.
In June, Kingfish Company recently secured a crucial federal permit for its planned land-based facility in Jonesport, Maine. The Jonesport facility has an estimated output of 6,000 to 8,000 yellowtail annually .
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