15 June 2024 01:09 am Views - 296
By Nishel Fernando
The company revealed that a strategic decision was taken to streamline its market base from 35 to 17 countries, which has allowed the company to concentrate its resources and efforts on key markets, optimising both margin and volume through an ideal product mix.
“We consolidated resources and focused them on key growth markets, allowing us to invest significantly more in these selected markets. Consequently, we exited almost 20 markets. Despite these exits, our international business grew by 20 percent during the year,” Lion Brewery Board of Directors Chairman D.A. Cabraal said.
With this move, Lion Brewery (Ceylon) PLC Director/Chief Executive Officer R.H. Meewakkala noted that the company is able to channel resources into the three focused geographies of Africa, the Middle East and South Asia.
“At an overall level, we will be more proactive in obtaining consumer insights, fashioning portfolios based on deep market,” he added.
In Africa, Lion Brewery highlighted that the operations in the Democratic Republic of Congo, Kenya and Rwanda have been successful.
Lion has maintained its market leadership in the Maldives. Lion Lager, both in bottles and draught, has become a consumer favourite, reinforcing its brand’s strong presence and appeal.
“The Maldives market shows significant potential, buoyed by resurgence in tourism, following the global economic downturn caused by the COVID-19 pandemic. Our long-term strategies aim to sustain and enhance our market dominance in this vibrant and growing market,” the company said.
The UAE remains another key focused market for Lion, with a significant presence over its competitors.
Earlier, the company’s global footprint included North America (the US and Canada), Japan, Singapore, the UK, Australia and Fiji.