(Srilankamirror) – Sri Lanka’s Ceylon Cold Stores Plc, a unit of listed John Keells Holdings which claims market leadership position for ice cream in the island said it had secured a 50 percent market share in the Maldives.
The firm sells ice cream and soft drinks under ‘Elephant House’ brand.
“…Elephant House ice creams have secured a 50 percent market share in the Maldives, despite the presence of global frozen confectionery brands,” the company told shareholders in the annual report.
“We will continue to market our ice cream range in this market to consolidate leadership position.”
Elephant House said ice cream volumes grew 20 percent and revenues rose 32 percent with energy cost rising sharply in the last quarter.
“The benefit of the investments made last year with the installation of the new inline moulded products and automated packing machinery enabled us to meet the additional volumes and introduce new products into our impulse range,” the firm said.
“The increase in out of home consumption has been propelled by large number of public events in all the provinces and the increase in domestic travel over weekends and holidays.”
Elephant House which also claim market leadership position for soft drinks said volumes 15 percent and revenues grew 30 percent.
Exports to ethnic shops in the European Union, Australia, and the Middle East where there is a demand from the Sri Lanka diaspora has also continued, with demand driven by ‘Ginger Beer’ and ‘Cream Soda’ brands.
A newly launched cola drink, ‘Kik Cola’, had gained a 10 percent market share. ‘Kik Lite’ a zero sugar version had also been launched.
A new 400 milliliter bottle has been launched with ‘Lemonade’ and ‘Cream Soda’ branch already being available in the new packaging.
“The consumer responses and the growth in volumes of these two variants confirm the decision was in the right direction,” the company said.
The firm was also expanding distribution and a cold chain in war-torn areas in the north and the east.
In the year to March the firm posted profits of 2.2 billion rupees, including a 1.1 billion rupee fair value gain from re-valuing property.