Diversification of products leads to CFL's success

Convenience Foods Ltd, (CFL) an arm of Ceylon Biscuits Group has started to export soy based products to Italy, South Korea, Switzerland and USA, said CEO of the company Thilanka De Soyza.

He said that most of the products are exported to countries where there is a large Sri Lankan expatriate community.

Soya meat is made by mixing non genetically modified soy flour with water. He said that Japanese consider the soy bean plant as the golden bean as it is very nutritious contrary to the myth that it is harmful.

The company started in 1982 by importing TVP nuggets and selling it in the local market and in 1988 the company installed two machines to manufacture it locally as it was considered successful. The company which was under the Forbes Group went public in 1991 and was bought over by CBL in 2000.

He said, that though the company was the pioneer in manufacturing TVP products they were the fourth in terms of market share till CBL took over. But two years after CBL took over we became the market leader and we will continue to maintain it in the future as well.

He said the main reasons for this success is the diversification of the product portfolio which made the venture profitable.

After one year the company won the award as the Turnaround Brand of the Year which gives proof to its success. In addition a share which traded at Rs 4 before the take over is now trading at Rs 110. During the last four financial years the company was able to pay dividends as well.

Year 2004 saw enhancing of production capacity as well as replacing of machinery and automating the packaging.

De Soyza said that they changed the name to Convenience Foods in 2006 with the diversification of the product portfolio.

The staff is very dedicated and work as a team and we make an effort to appreciate all the staff with letters and incentive payments so that they are motivated.

The company also practices the 5S system and all our efforts are directed towards environment friendly practices.

Speaking of future plans he said that they would continue to introduce new products and continue to conduct awareness programs to prepare soya dishes in many different ways and also eradicate the myths surrounding soya.