SET-listed TOA Paint (Thailand) aims to sustain sales this year via repainting and new product segments amid global economic uncertainty and a sluggish domestic economy.
Chief executive Jatuphat Tangkaravakoon said the economic outlook this year remains weak, with a noticeable decline in work from residential projects. As a result, the company plans to maintain sales through the repainting market and new products.
"This year we're trying to keep sales at last year's level," he said.
"While domestic sales may dip slightly, we expect overseas markets to help offset the drop after hitting bottom in 2024."
The company's overseas markets comprise Myanmar, Cambodia, Laos, Vietnam, Malaysia and Indonesia.
TOA is streamlining its operations by consolidating local teams and shifting support to the Thai headquarters, which has been completed for all markets except Indonesia.
The company recorded sales revenue of 21.1 billion baht last year, down 5.1% from 22.3 billion in 2023.
This marked the first annual decline since the pandemic in 2020, which dipped from 2019 before sales rebounded and grew steadily through 2023.
Mr Jatuphat said the primary factor behind last year's decline was a slowdown in the residential sector, driven by weak consumer purchasing power and stricter mortgage rules imposed by banks.
To maintain sales revenue at last year's level, TOA introduced Jomoo, a premium bathroom brand from China that offers "smart" toilets with features such as urinalysis and blue-red light therapy to inhibit bacterial growth. The leading model is priced at 150,000 baht.
"Competition in the paint market is intense, so we need to offer more than just paint," he said.
"We've expanded into bathroom products, going beyond our traditional range of paints and related items such as construction chemicals, sealants, grouts, gypsum and imported tiles. This shift reflects the market's move toward one-stop solutions and the need to compete with international players."
Mr Jatuphat said the market in the first quarter of 2025 remained steady, though it required careful navigation to sustain performance. He said resilience is key and those who endure will have an advantage.
"TOA maintains a relatively strong cash position, as we remain cautious amid an uncertain global economy. The disruption of US tariffs complicates the outlook, with no clear sense of what may happen next," said Mr Jatuphat.