Kingfish says sales and production are on track
Less than three months after making its debut on the Oslo Stock Exchange, the Kingfish Company says it is on track with its development in the United States and in its home country of the Netherlands.
Delivering its first market update since the Oslo launch in late November, CEO Ohad Maiman said the company had shown consistent sales figure in a year marked by restaurant lockdowns across the world.
The pandemic prompted swift action with product successfully shifting to retail and direct- to-consumer as hospitality venues were forced to close.
The Norwegian IPO was triggered to generate millions of euros to help finance its ambitious expansion programme.
The Kingfish Company, a leading pioneer in sustainable land-based aquaculture, produced 677 tons of high value yellowtail kingfish in 2020, exceeding the design capacity of its advanced recirculating aquaculture system (RAS) by up to 30 percent.
He added: “Expansion of our production capacity at the Kingfish Zeeland site in the Netherlands, and design and permitting at the Kingfish Maine site in the US are advancing as planned, and are set to increase installed capacity from the current 1,250 tonnes to between 8,000 and 11,000 tonnes at both plants by 2023 across both sites.
“We are proud of our team for delivering sector-leading productivity figures that significantly exceed system design and maintaining stable sales volumes and price levels in 2020.”
Maiman concluded: “This is a strong testament to our ability to adapt quickly and successfully to sudden market shifts, and for the benefit of operating our local, reliable, and sustainable production technology.”