This is a huge coincidence. I thought about this movie today and it felt like a fever dream from when i was young lol. Found your question, hoping someone answered it, but then i went searching and found the one i was looking for! Any chance it's Los Pintín Al Rescate?
The Pintíns are relaxing at “the beach” with the other penguins, at the edge of the South Pole. A sinister human ship materializes from the fog and kidnaps Luna, who is alone on a float offshore. The rest of the family go to her rescue. They find that Luna and a captured boy penguin, Guibor, have been taken to millionaire mad scientist Jorba Tarjat’s private volcanic island zoo, where he mutates his animals into grotesque combinations. They have to rescue her (and Guibor, though they don’t know about him yet) from Tarjat (also voiced by Argentine actor Arturo Maly) and his comic-relief henchmen Cacho (the fat one) and Tacho (the thin one) before she can be turned into anything, or the volcano erupts. Some of the other animals are more helpful than others, including Tuco, a flying monkey (one of Jorba Tarjat’s experiments, crossed with a bat); Chubers, a vain horse who used to play the cowboy hero’s steed in movies; and the elephant and mouse lovers.
It's in a couple languages, but no English, which is why its's so hard to find.