Jit Gunaratne, President, Food & Beverage, John Keells Holdings plc (JKH) told this reporter on Tuesday that this growth was a reflection of the country’s growth, which grew by 8.5%, he said.
According to the Census and Statistics Department, Sri Lanka’s economy grew by 8% last year and by 8.6% in the fourth quarter (4Q) of last year. This year’s 1Q results are however not yet out.
Gunaratne however said that more than 50% of its market is in the “rich” Western Province. He however said that the percolation of wealth in to the periphery is taking place.
D.A. Neil Samarasinghe, JKH Vice President and Frozen Confectionery Head told reporters that Elephant House commands 64% of the market. Due to a rise in commodity prices, they had increased their prices by between 5-8% in the past year. “But our competitor has increased their’s by 25%, “said Samarasinghe.
He further said that their sales in the North had doubled. Meanwhile Elephant House announced on Tuesday that it has made all rounder Angelo Mathews its brand ambassador for a two year period.
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