SET-listed Jay Mart, a major IT product distributor, aims to become a SET50 company this year having logged all-time high net profits for three consecutive years until 2021.
The company is now focusing on investing in commerce and finance sectors, striving to synergise service platforms of subsidiaries and driving the adoption of its digital tokens, called JFin coins, through partnership in its business ecosystem.
Speaking at a news conference about the company's 2022 business direction yesterday, Jay Mart chief executive Adisak Sukumvitaya stressed the firm is pushing ahead with the transformation of its entire operations to become a tech investment holding company this year.
Jay Mart stepped up to become a holding company in 2017.
"2022 will be another challenge for the company, which is driving for ecosystem synergy. The firm also received new capital of 30 billion baht from a partnership deal last year that flowed into Jay Mart and its subsidiaries," said Mr Adisak.
He was referring to the deal in which BTS Group Holdings announced in August last year to invest in Jay Mart through BTS subsidiaries VGI Plc and U City Plc.
According to Mr Adisak, the company booked net profit of 836 million baht in the first nine months of 2021, 798 million baht in 2020 and 534 million baht in 2019.
He said overall net profit in 2021 is likely to be 50% higher than the year before, despite the pandemic.
"We expect to be in the SET50 group this year driven by our exponential growth and business synergy model initiated seven years ago," he said.
Jay Mart now has a large customer base in its operation and through its partnership ecosystem.
Mr Adisak stressed Jay Mart is integrating tech solutions into various platforms it operates to create added value for business.
Piya Pong-acha, deputy chief executive of Jay Mart, said the company will invest 2 billion baht in three firms this year.
First, Jay Mart will spend 250 million baht purchasing a 25% stake in JayDee Group to serve as a gathering selling point for electric appliance dealers across the country.
Second, the firm will invest in a 40% stake in a new joint venture, together with its subsidiary Singer, which provides a hire purchase service, and SET-listed Gunkul Engineering, a renewable energy developer and construction firm. The JV will run the electric equipment and solar solution business.
Third, Jay Mart will invest to establish Thailand Amz Co to develop integrated commerce platforms and provide financial services to those platforms to boost its ecosystem.
According to Mr Adisak, these new investments are expected to generate revenue for the group by this year.
He added a joint venture of Jay Mart's subsidiary JMT Network Services Plc and Kasikornbank (KBank) for debt collection business is expected to be completely established by June and start generating revenue in the third quarter of this year.