For consumers in more than 90 countries, Upfield’s brands including Flora, Becel ProActiv, Rama, Country Crock, Blue Band and Violife, are supermarket staples. In Sri Lanka, Upfield’s Astra brand is a strong household name.
The multinational plant-based food company’s commitment to innovating and promoting the future of food resonates with Yasora Kodagoda, head of commercial finance, South and Central Asia, at the company’s offices in Sri Lanka.
‘Since childhood I’ve considered myself a foodie – I love exploring and experimenting with food,’ she says.‘I also happen to be a vegetarian, so my personal beliefs synchronised with the company’s,’ she says, adding that a more sustainable, plant-based model is one that companies like Upfield are advocating.
‘We are constantly innovating to increase the product categories for consumers to choose plant-based foods’
Best practices
Yasora admires ‘the opportunity Upfield is exploring’ to address the global problem of food security, as well as its commitment to plastic-free packaging. ‘We are constantly innovating to increase the product categories for consumers to choose plant-based foods,’ she says. ‘In addition to fostering healthy, happy people, we want to create a sustainable impact for the planet.’
Her role includes evaluating business cases for new product development, anticipating price changes for the existing portfolio and addressing any external factors that may impact the financial statements, as well as providing insights into how to improve the company’s bottom line.
Upfield
Acquired by KKR from Unilever in 2018, the Amsterdam-headquartered company has more than 4,800 Upfielders including a team of over 150 food scientists, food technologists, R&D specialists, and packaging experts working at its Food Science Centre in Wageningen, known as the ‘Silicon Valley of Food’.
The company’s new and legacy brands in four categories – plant-based butters/spreads, creams, liquids and cheeses – are manufactured in 14 sites across five continents and sold in 90 countries.
‘A key responsibility for me is to lead the revenue growth strategy in four countries – Sri Lanka, Pakistan, Bangladesh and Maldives – and collaborate with marketing teams on financial forecasts for the sales and operation planning cycle,’ Yasora explains. ‘It also involves translating market ambitions into impactful business plans and communicating and aligning those plans with the leadership.’
‘We want to ensure we follow the best practices in the industry’
Collaboration is essential to establish the best price to offer business partners in different countries. Those decisions drive the company’s profitability in South Asian markets that are constantly under pressure from forex fluctuations and inflation. ‘We need to constantly look at how these external factors impact our business so the leadership can take prompt decisions to safeguard the business,’ she says.
Yasora also needs to ensure the finance team is across the organisation’s operations, identifying what is working well and where improvements can be made. ‘One of the important aspects of this role involves constantly reviewing all processes in the company,’ she says. ‘This is not just a financial-driven task, but to understand if there are any gaps we need to bridge in terms of controls. We want to ensure we follow the best practices in the industry.’
Sustainable business
Her professional passion started after leaving school in Saudi Arabia. ‘I hadn’t taken a single accounting class in high school – I was a bioscience student,’ she recalls. Yet, a professional qualification in finance and accounting seemed like the right pathway.
At the time Yasora was unable to study for the ACCA qualification in Saudi Arabia, but she found out about an EY training institute in neighbouring Bahrain, 100 km from her home, which included the ACCA curriculum. Her father arranged for a car and driver so she could make the journey up to three times a week.
By the time she finished her studies, she moved to Sri Lanka to join PwC, specialising in tax. Roles in the corporate sector quickly followed, with stints at BPO specialist WNS Global Services, Hutchison Telecommunications, and Chevron Lubricants Lanka.
‘I want to support a cause that supports the long-term sustainability of our planet’
Empowerment
As a female professional in a senior role in finance, Yasora values the opportunities she has been given throughout her career to develop her skillset and take on leadership roles.
‘When young girls see female leaders coming up and doing great work, they become an inspiration. And women taking up such a position can build a support system within their organisation, encouraging colleagues to reach higher up the corporate ladder. Your role becomes a platform for empowering other girls and women to grow their own careers.’
CV
2024
Head of commercial finance, South and Central Asia, Upfield
2019
Manager, finance and business planning, Chevron Lubricants Lanka
2015
Series of business planning roles culminating in manager, Hutchison Telecommunications Lanka
2010
Series of roles culminating in lead associate, WNS Global Services
Upfield, she says, aims to attract more highly skilled women across its operations and offers flexible working arrangements to accommodate their family responsibilities. The company has also introduced Speak Up, an online platform for reporting discrimination or harassment in the workplace.
While pointing out that Sri Lanka had the world’s first female prime minister in Sirimavo Bandaranaike, in Yasora’s opinion, the nation lags in terms of gender equality.
Sri Lanka was ranked by the World Bank’s International Financial Corporation as 13th among 17 countries in a 2023 report on gender equality in leadership in Asian-listed companies. ‘Sri Lanka has a long way to go in terms of breaking that glass ceiling, especially in the public sector,’ Yasora says. ‘I’ve always received equal treatment, but that is not always the case with all workplaces.’
She credits ACCA for ‘all the support it has given and continues to give’ in building her skillset and the confidence to achieve a senior position only 14 years into her career. ‘ACCA developed me into a well-rounded finance professional,’ she says. ‘And with an ACCA qualification, because of the curriculum and content, people immediately recognise your competence.’
She may not stay in the corporate world forever, though, as entrepreneurship also appeals. ‘I have a few ideas,’ she says. ‘Whatever I do I want to support a cause that supports the long-term sustainability of our planet.’
