Despite this year's economic challenges, TOA Venture Holding (TOAVH) expects its revenue to grow by 10% from 13.4 billion baht last year, driven by its car dealership business.
The company plans to spend 300 million baht to grow a range of businesses, including industrial paint and auto parts, chemical business and property development.
"Our businesses are going forward amid challenges ranging from the pandemic's impact and economic slowdown to weak purchasing power among consumers and the impact of the Russia-Ukraine war," said Nattavuth Tangkaravakoon, president of TOAVH.
Mr Nattavuth expects car dealership to grow by 13%, thanks to growing demand for luxury cars, especially the Mercedes-Benz brand, which has not been affected by the sluggish domestic economy.
TOAVH is a dealer for the Mercedes-Benz, MG and Suzuki brands.
"This business contributes the most to our total revenue," said Mr Nattavuth. The company sold 749 Mercedes-Benz cars, 4,363 MG cars and 1,170 Suzuki cars last year.
He said the company has no plans to sell Chinese-made cars -- a hot entrant in the sector.
TOAVH believes the pandemic will improve this year, allowing the Thai economy to slowly recover, said Mr Nattavuth.
In the chemical and property development sectors, TOAVH also expects its businesses to keep growing in response to gradual economic recovery in the country.
The company plans to add three more branches of Japanese-style Donki Mall this year, up from its four existing branches, to cover Bangkok and upcountry. The number will continue to increase with three more branches next year.
The firm expects its industrial paint and auto parts businesses to grow by 5% in 2022.
Internationally TOAVH decided to suspend all investment projects in Myanmar, following the political unrest there. It operates a paint factory in Thilawa's special economic zone near Yangon.
In Cambodia, the firm set up a new trading and paint company after forming a joint venture in Vietnam.
"Our investments in Asean focus on trading and paint to serve growing demand in the region," said Mr Nattavuth.
"It's difficult to say when we will continue our investment in Myanmar. Its coup caused revenue in that country to drop by 30%."
TOAVH earns 22% of its revenue from its industrial paint business overseas, with the remaining 78% coming from domestic sales.
