Kingfish Company sold more fish and lost less per kilo in 2024
With strong sales growth, fourth-generation fish in production and CO2 targets reached ahead of schedule, The Kingfish Company strengthened both operations and strategy in 2024. The Netherlands company is now turning its attention to profitability and expansion.
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The Kingfish Company increased its harvesting volume by 41% and had a turnover of €27.7 million (£23m) in 2024, according to its annual report.
Now the company points to targeted genetics work, better biomass control and increased sales as the key to profitable operations in 2025.
2024 was the year Kingfish surpassed 2,000 tonnes in annual sales volume for the first time. At the same time, the average price per kilo fell from €15.1 to €13.9 – mainly as a result of promotions, launches and the deliberate sale of smaller fish in connection with a downscaling of biomass.
"We have balanced growth with control. Reduced biomass will help improve feed factor and optimise production," said chief executive Vincent Erenst in a stock exchange announcement this morning.
Scaled back biomass
In the fourth quarter, the company implemented a biomass adjustment plan to reduce standing biomass from 1,118 tonnes to around 900 tonnes. This occurred in parallel with high demand, which led to increased sales of smaller fish and temporarily higher feed conversion ratio (FCR).
The planned downscaling will provide better control of growth, reduced feed consumption and lower production costs per kilo over time. At the same time, production remained stable throughout the year, with low mortality and good biological performance.
Fourth generation
A major milestone was reached when the company produced its first batch of fourth-generation fish in late 2024 – earlier than planned. The company’s third generation has already shown improved growth and efficiency, and expectations for the next generation are high.
All hatchery production is now concentrated in a new, state-of-the-art facility in the Netherlands. It is sized to meet both current operations and future needs – including the planned facility in Jonesport, in the US state of Maine.
Reduced loss per kilo
Operational EBITDA, a measure of operating profit or loss, improved, although the company still lost money. Operational EBITDA per kilo in 2024 was -€1.7, down from -€2.7 in 2023. Total EBITDA ended at -€3.4 million for the year. Cost reductions in other operating areas have contributed to the improvement, despite increased expenses for sales, marketing and logistics.
The company specifically highlights improved cost control and tight management of fixed costs as important contributions to improved results.
Sustainability achievements
Kingfish reports that several of the company's most important ESG (environmental, social and governance) goals have already been achieved:
- 100% renewable electricity
- Zero use of antibiotics or vaccines
- CO2 emissions per kg of product reduced to 4.22 kg CO2e
- FFDR (Forage Fish Dependency Ratio) reduced to 1.8
- Full certification from ASC, BAP, GLOBAL GAP and Friend of the Sea
The company highlights the replacement of input factors, feed formulations and technological optimisation as drivers behind the improvements.
Growth in Europe and US
Kingfish has a permit for a new facility in Maine with a capacity of 8,500 tonnes. The company is now awaiting legal clarification before the next phase of a planned 2,500-tonne expansion in the Netherlands.
A new processing plant was put into operation in 2024 and is sized for current capacity, but also for expansion to 6,500 tonnes.
"With new equipment, strong demand and improved operations, we are well positioned to turn a profit in 2025," the company writes.
