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Keells Food Products

Keells Food Products PLC
Company typePublic
CSE: KFP.N0000
ISINLK0101N00002
IndustryFood
FoundedNovember 5, 1982; 42 years ago (1982-11-05)
Headquarters
Colombo
,
Sri Lanka
Key people
Krishan Balendra (Chairman)
Brands
  • Keells Krest
  • Elephant House
RevenueIncrease LKR6,444 million (2023)
Decrease LKR230 million (2023)
Decrease LKR14 million (2023)
Total assetsIncrease LKR4,303 million (2023)
Total equityDecrease LKR2,108 million (2023)
Number of employees
Decrease 543 (2023)
ParentJohn Keells Holdings
Websitewww.keellsfoods.com
Footnotes / references
[1]

Keells Food Products PLC is a processed meat company in Sri Lanka. The company was incorporated in 1982 and was listed on the Colombo Stock Exchange in the following year. The company's Keells Krest brand has been the market leader in the processed meat market segment for thirty years. Keells Food Products' brand value is among the 100 most valuable brands in Sri Lanka. Hotels and airlines have remained long-term clients of Keells Food Products.

History

Keells Food Products was founded in 1982 and listed on the Colombo Stock Exchange in the following year.[1] In 1992, the government decided to impose a 30% luxury item tax on processed meat reducing the profits of the company.[2] Keells Food Products acquired D&W Foods Ltd in Pannala for LKR700 million in 2012. With the acquisition, the production capacity was doubled. D&W Foods Ltd is a Board of Investment of Sri Lanka-approved project that was set up as a joint venture with a Belgian company to produce Frankfurter sausages for the export market.[3] The company's corporate social responsibility project won an award at Ceylon Chamber of Commerce's 2012 Corporate Citizen Awards.[4] Keells Food partnered with Sri Lanka Cricket to sponsor the South African cricket team's 2014 Sri Lanka tour. The company has been a long-term patron of cricket in Sri Lanka.[5]

Operations

The company's Keells Krest brand has been the market leader in the processed meat market segment for three decades.[6] Keells Krest brand is one the 100 most valuable brands in Sri Lanka. The brand value of Keells Krest is estimated to be worth LKR1,127 million in 2022, a 12.6% growth from the previous year.[7] Keells Food Product is ranked 15th in LMD 100 second board in its 2020/21 edition. LMD 100 ranks publicly quoted companies of Sri Lanka by revenue annually.[8] The company has been set up to fill the gap in providing quality food to the hotel industry in Sri Lanka. Hotels and airlines have remained long-term clients of the company.[9] Keells Food Product commissioned a new factory in Makandura Industrial Zone in Pannala in 2019.[10] High food inflation due to the Sri Lankan economic crisis affected the company's and its sister company Ceylon Cold Stores' supply chain. The direct cost of the company rose by 81% in the second quarter of 2022.[11]

Finances

Ten-year financial summary
All figures are in LKR (mns)
Year Revenue Operating income Profit Assets Equity
2023 6,444 230 14 4,303 2,108
2022 4,601 395 330 3,440 2,193
2021 3,651 329 321 3,069 2,076
2020 3,591 208 150 2,887 1,876
2019 3,430 363 267 2,568 1,847
2018 3,119 339 244 2,432 1,747
2017 3,049 380 275 2,408 1,670
2016 3,030 427 335 2,412 1,771
2015 2,617 338 261 2,319 1,699
2014 2,280 (34) 0 2,091 1,550

Source: Annual Report, 2023 (p. 178)[1]

See also

References

  1. ^ a b c "Annual Report 2022/23" (PDF). cse.lk. Keells Food Products PLC. Retrieved 23 May 2023.
  2. ^ "Keells Food". Asiamoney. No. 4 (6-7). Euromoney Publications. 1993. p. 31. Retrieved 14 January 2023.
  3. ^ "Keells to double capacity with Rs. 700 m buy of D&W's processed meat plant". Daily FT. Wijeya Newspapers. 26 June 2012. Retrieved 14 January 2023.
  4. ^ Edirimuni Chandrasekera, Duruthu (18 November 2012). "Corporate Citizen Awards: SL firms realise that money and profit are not everything". The Sunday Times. Wijeya Newspapers. Retrieved 14 January 2023.
  5. ^ "Keells Foods partners with SL Cricket for South Africa tour of Sri Lanka". Daily FT. Wijeya Newspapers. 4 August 2014. Retrieved 14 January 2023.
  6. ^ "Keells Food Products inaugurates state-of-the-art factory for Keells Krest Ezy Rice". Daily FT. Wijeya Newspapers. 16 October 2019. Retrieved 14 January 2023.
  7. ^ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 16. Retrieved 14 January 2023.
  8. ^ "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 140. Retrieved 14 January 2023.
  9. ^ Fonseka, Tilak (June 1999). "Best Management Practices in Sri Lanka: Manufacturing Sector" (PDF). Journal of Comparative International Management. 2 (1): 19–34. ISSN 1718-0864. Retrieved 14 January 2023.
  10. ^ "Keells Food Products inaugurates factory for Krest Ezy Rice". Daily News. Associated Newspapers of Ceylon Limited. 11 October 2019. Retrieved 14 January 2023.
  11. ^ "Keells Food June results offer insights into red-hot inflation seeping through food supply chains". Daily FT. Wijeya Newspapers. 20 July 2022. Retrieved 14 January 2023.
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