Tue, 06 Dec 2022 Today's Paper

Access to soy flour major challenge in coming months, says Lankasoy producer

26 August 2020 09:15 am - 1     - {{hitsCtrl.values.hits}}

A A A

  • India’s struggle with COVID-19 directly affecting soy flour supply to Sri Lanka 
  • Global soy flour prices expected to trend upwards

The on-going financial year (FY20/21) will be the most challenging one yet, particularly for those engaged in the manufacturing of soy-based food products as the prices of soy beans in processed form are expected to surge.

With Sri Lanka sourcing bulk of its soy requirement from India, the neighbouring giant’s struggle to tackle the COVID-19 is expected to directly impact processed food manufacturers of the island nation.


Acknowledging that the coming months will be the toughest the country has faced in recent history, Convenience Foods PLC (CFL) stressed a key challenge would be to maintain an uninterrupted flow of soy flour. “This will be a challenge given the fact that India’s pandemic situation looks to be dire at present,” said CFL Managing Director E. T. De Zoysa in the company’s latest annual report.


“On top of this, global prices for soy flour can be expected to trend upwards,” he added. However, Zoysa expressed the company is hopeful that the rupee exchange rate fluctuations remain reasonably manageable levels amid the turmoil and uncertainty in the global economy. The annual report also stated that CFL is currently on the lookout for alternative suppliers in different parts of the world. CFL’s Lankasoy has over 33 percent market share in the country’s soy 
meat market.


CFL, which ended FY19/20 with 93 percent year-on-year (YoY) increase in its bottom line, said that given the recent changes in the global economy that turned for the worse due to the pandemic, maintaining similar levels of profitability would be a challenge.  


In the meantime, the company said that it will continue to strengthen its market position by expanding its distribution network, introducing new, innovative products and building on the strong partnership with distributors and traders.


The non-soy segment of the company will be further boosted to enhance its position in the market focusing on new business opportunities, which according to CFL, may arise as Sri Lanka transforms into a consumer-driven era. 


CBL Investments Limited, the investment holding company of Ceylon Biscuits Limited (Munchee) owns over 70 percent of CFL’s issued shares. (SAA)

 

 


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 1

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka
  • Lanka M Wednesday, 26 August 2020 06:29 PM

    Sri Lanka has a good environmental resource for Soy growing. Its a shame that we import it from other countries. Why dont we start cultivate it rather than complaining..


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Economy Decoded! Let’s talk about tax!

We explain the proposed new tax reforms in Sri Lanka and what it means

She said/He said

Much has been written and said in the last few days since the news was releas

POLICE ON TRIAL: Exercising Authority without Accountability

Although armed with the power of the State and empowered to use force against

Downfall and death of LTTE’s Mahathaya

The Liberation Tigers of Tamil Eelam (LTTE) ceased to exist as a functioning