Yellowtail kingfish farmer The Kingfish Company continued its streak of rapid volume and revenue increases in the fourth quarter.

The Netherlands-based company saw revenue surge 159 percent to €3.8 million ($4.3 million) during the quarter, thanks to a 144 percent volume increase to 335 metric tons and an average price increase to €11.20 ($12.70) per kilo whole weight equivalent (WFE).

The rises reflected a year of strong growth for the producer, which doubled sales from €5 million in 2020 to €10.4 million ($11.8 million) in 2021 and boosted production volume to 1,154 metric tons compared to 467 metric tons in 2020.

The average sales price achieved across the year increased by 6.5 percent to €11.50 ($13.04) per WFE kilo.

Market demand for the company's product is strong in both Europe and the United States, and its products are now sold in 14 countries. Whole Foods Market, Conad, Auchan and El Corte Ingles are some of the company’s largest retail clients.

It continues to be well on track with the expansion of its facilities in Europe and important milestones have been achieved for a planned new facility in Maine.

“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," said CEO Ohad Maiman. "In parallel, we continue to work on securing financing for further expansion in Europe and in the US."

In Europe, the company successfully completed Phase 1B in early 2021, on time and on budget. Target standing biomass was reached in the third quarter, 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 a projected 1,750 metric tons to 2,000 metric tons per year, bringing total installed capacity in the Netherlands to 3,500 metric tons per year once completed.

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In the second half of 2021, spending on Phase 2 capital development amounted to approximately €13 million ($14.7 million).

Total spending on capital development in the second half of 2021 was €18.7 million ($21.2 million).

As a result of the start of Phase 2B, which will include a second pump house, 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.

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.