"…Elephant House ice creams have secured a 50 percent market share in the Maldives, despite the presence of global frozen confectionery brands," the company told shareholders in the annual report.
"We will continue to market our ice cream range in this market to consolidate leadership position."
Elephant House said ice cream volumes grew 20 percent and revenues rose 32 percent with energy cost rising sharply in the last quarter.
"The benefit of the investments made last year with the installation of the new inline moulded products and automated packing machinery enabled us to meet the additional volumes and introduce new products into our impulse range," the firm said.
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"The increase in out of home consumption has been propelled by large number of public events in all the provinces and the increase in domestic travel over weekends and holidays."
Elephant House which also claim market leadership positio