Singer Thailand Plc, a distributor of electrical appliances, reported strong sales in the first nine months of this year after a good response to its newly launched petrol vending machine.
Sales grew strongly by 27% to 2.8 billion baht year-on-year, while net profit rose by 52% to 277 million, said chief executive Boonyong Tansakul.
Its nine-month sales figure was a record high for the firm in 13 years.
Mr Boonyong said its business has been rising at a time when most industries were experiencing a drop in sales due to the economic slowdown.
"Our performance is the best of all Singer companies in the Asian market," he said.
Mr Boonyong said the success was due mainly to its sales of 4,000 petrol-vending machines in the first nine months to customers nationwide, mainly in provincial areas.
Singer sees huge potential for more growth in sales of the product in the final quarter.
The Energy Ministry recently requested manufacturers of petrol vending machines to improve their products to meet the safety standards of Underwriters Laboratories (UL).
Policymakers want operators to upgrade their products by 2015.
"If any product in the market fails to meet the UL standard, the Energy Ministry will not allow that product to be available in the market," said Mr Boonyong.
"We are the first company that won approval from the ministry as a warranty that our product meets the standard."
Singer will modify other models to meet the UL standard, he said.
About 30,000 petrol vending machines are in service in Thailand.
Singer also foresees an opportunity to sell the machines to mom-and-pop shops and small retailers, especially in provincial areas.
Another product driving Singer's sales is its credit top-up machine for mobile phones. After a good response from grocery shop owners, the company will become a dealer selling air time for all three major mobile network operators. The strategy will bring a new source of income.
Singer has already sold 40,000 credit top-up machines.
Aiming to cash in on the change of Thailand's TV system to digital from analogue, Singer will launch its own digital TV on the market. It expects the TV to sustain sales growth next year.
However, the company has set a conservative 2014 growth forecast of 15% from this year's target of 3.5 billion baht.
Shares of SINGER closed Friday on the SET on Friday at 19.70 baht, down 20 satang, in trade worth 12.4 million baht.