The Kingfish Company's quarterly report shows strong sales and production

Sales for The Kingfish Company doubled in the second quarter of 2022, according to a press release the company put out. This is due to strong demand for sustainably grown Yellowtail Kingfish in the European and American markets, as the company is planning to construct a land-based facility in Maine.

"The second quarter of 2022 was a strong quarter for The Kingfish Company, seeing sales doubling, average sales prices increasing by 12 percent YoY, while achieving record production and sector leading productivity," says Ohad Maiman, CEO of The Kingfish Company.

The company also produced a record number of 402 tonnes of high-value Yelllowtail Kingfish, compared to a lower figure of 340 tonnes in the first quarter. Approximately one million fish have been produced in the company's hatchery.

It is continuing expansion of its facilities in Europe as system installation and construction enter its final stage. In the US, all state and federal permits have been secured for the new facility in Maine, which will produce an estimated 8500 tonnes of fish.

In Europe, construction of EU phase two is nearing completion, which includes an expanded hatchery, second pumphouse and seawater pipelines. System capacity being constructed has upgraded from a projected number of 1750 tonnes to 2000 tonnes per year, bringing total installed capacity in the Netherlands to 2500 tonnes per year.

"While having been able to avoid significant cost overruns in the first 1.5 years of construction, given current supply chain issues and inflation, we anticipate some additional cost and potential delays for the remaining work to completion," explains Mr Maiman. "Strict cost control measures are in place to limit the impact of global market circumstances."

Purchase of land for the Maine facility took place in December of last year. You can read about it HERE.

For more information on The Kingfish Company visit their website, HERE.