The second phase of Netherlands-based The Kingfish Company's land-based yellowtail kingfish farm has been completed, marking the beginning of what the company is calling "an accelerated sales phase," according to a trading update released Wednesday.
The company also announced the hire a new commercial director Gudo Klein Gebbink, who joins The Kingfish Company after his role as managing director for Europe, the Middle East and Africa (EMEA) at Dutch farming cooperative Royal Agrifirm Group.
Before that he worked at animal nutrition giant Cargill for more than five years, most recently as strategic marketing and technology director and assistant managing director EMEA.
"This role is pivotal in driving the expansion of our customer base and boosting sales across both existing and new markets,” said CEO Vincent Erenst.
All tanks that are part of the Phase 2 construction stage have now been fully stocked, with fish taking total production capacity to 3,500 metric tons.
"The biological performance of the new farm is excellent and continues to exceed our expectations," said the statement.
In the fourth quarter of last year, standing biomass more than doubled from the previous year to 967 metric tons, and the company achieved a net biomass growth of 635 metric tons, representing a significant increase from the fourth quarter 2022 figure of 408 metric tons.
Harvest volume in the quarter rose 8.3 percent to 419 metric tons, while volume sold stayed fairly static at 343 metric tons.
Total revenue was €5.2 million ($5.6 million), up from €5.1 million (€5.5 million), and revenue per kilo increased 3.8 percent to €15.20 ($16.44).
By 2025 the company will be able to operate at full capacity, it said.
Despite softer markets at the beginning of the fourth quarter and increased competition in the US frozen market, prices in the company's principal markets in Europe have remained stable.
The company will release its full Q4 and FY 2023 financial results, as well as its annual report, on April 11.