Jorakay Corporation Company Limited, a leader in construction material innovation offering comprehensive solutions for tiling, home protection, and decorative materials spanning from foundation to roof, reported a revenue of 2 billion baht for the first half of 2024, marking a 5% growth compared to the same period last year. Despite economic challenges and a slowdown in the real estate market, Jorakay Corporation's innovative construction solutions have sustained its growth, gaining trust across all market segments. As the rainy season ends and tourism peaks, the company anticipates a surge in construction, repair, and decoration activities in the second half of the year, with increased residential and infrastructure renovations and government projects expected. Notably, Jorakay Corporation has maintained a no-price-increase policy, despite rising energy and transportation costs. The company is set to make further inroads into the chemical product and SEE JORAKAY paint markets, with plans to strengthen its presence in infrastructure projects. Additionally, the company plans to intensify its position in the CLMV market, following strong performance in Vietnam, and is exploring further expansion into growth markets such as the Philippines, Indonesia, and Malaysia. The firm remains confident in reaching its 2024 revenue target of 4 billion baht.
Dr. Jirat Sirichalermpong, Senior Vice President, Jorakay Corporation Co., Ltd., shared the company's business overview, stating, “In the first half of 2024, Jorakay Corporation achieved approximately 2 billion baht in revenue, reflecting a 5% increase from the same period last year. We remain confident in reaching our annual target of 4 billion baht. Our paint products, SEE JORAKAY, saw the most significant growth, followed by chemical products. While our tiling products, particularly tile adhesive and grout products, demonstrated stable growth due to our strong market presence. The second half of the year is expected to be more dynamic, driven by peak tourism from the hotel and hospital sectors, as well as an increase in government projects. Jorakay Corporation’s comprehensive product range meets the renovation and repair needs of residences, luxury hotels and resorts, factories, and infrastructure projects. We also offer world-class flooring and road repair innovations that cater to large public and private sector projects. With the expansion beyond the real estate sector into the tourism, hospitality, health, beauty, and government sectors, we are confident in achieving robust growth this year.”
Mr. Vikij Kanchay, Vice President — Domestic Sales, Jorakay Corporation Co., Ltd., discussed the business challenges and growth strategies for the second half of the year, stating, “The current economic situation is challenging, with decreasing spending power and increased business competition. However, we observe opportunities to penetrate new markets and reach different customer groups. Jorakay Corporation has always stood out with quality products and innovations that go beyond pain points. We aim to be superior and introduce trends that align with global directions. For instance, in the second half of this year, we are focusing on the chemical product and SEE JORAKAY paint product markets. Although we are still a new player in the paint sector, we see significant growth potential because we compete through innovation. Products like Crocodile Road Fix Express, which allows road repairs to be completed within 6 hours and reduces carbon emissions by up to 97%, have already earned prestigious accolades, including the Best Innovation Award 2024 from Architect’24 and the Best Innovativeness Green Product Award from SustainAsia Week 2024.
Our SEE JORAKAY paint products also stand out for their safety, environmental friendliness, and adherence to world-class quality standards, catering to families and businesses that prioritize both people and the environment. Sustainability is now at the forefront of every industry, and it has been a core principle for Jorakay since the beginning. Our customers can trust that our products are of the highest quality, with sustainability embedded in every production process. This commitment is a key strength that has fueled our growth in this challenging era. Looking ahead, we plan to expand further into infrastructure projects, including expressways, trains, airports, and road surface repairs, where our innovative solutions are most effective. We will also continue our marketing campaign to highlight Jorakay Corporation’s comprehensive construction innovations, which extend beyond tile adhesive and grout products. When used together, our products can protect and enhance entire houses and support construction projects of all sizes. Additionally, we will continue to expand our branches and distribution network to ensure coverage across Thailand."
Mr. Pongphun Prateepmanowong, Vice President — International Business, Jorakay Corporation Co., Ltd., elaborated on the company’s expansion plans in the CLMV region, stating, “Jorakay Corporation has been active in Cambodia, Laos, Myanmar, and Vietnam for some time, with support teams in most of the countries and established offices in Vietnam and Myanmar. This year, we anticipate generating approximately 450-500 million baht in revenue from the CLMV market. Our primary focus is on Vietnam, a rapidly growing market with expanding cities. Over the past decade, our products have been well-received in Vietnam due to their exceptional quality and innovation. However, we face challenges from cheaper local brands and counterfeit products. To address this, we are planning to establish a factory in Vietnam to strengthen our market presence and launch marketing campaigns to increase brand awareness to become a leader in Vietnam. Additionally, we are exploring opportunities to enter other ASEAN markets, including the Philippines, Malaysia, and Indonesia, and are currently developing business strategies for these countries in collaboration with our partners.”
Jorakay Corporation disclosed that despite rising production costs due to increased energy prices, transportation expenses, and a weakening baht, the company will not raise product prices this year. Committed to its sustainability goals, the company is maintaining its green practices across the entire supply chain, from upstream to downstream, with the aim of becoming a carbon-neutral organization. Committed to create Innovation for Your Family’s Happiness, the company aims to further advance the Thai construction industry.
Mr. Vikij Kanchay, Vice President — Domestic Sales, Jorakay Corporation Co., Ltd., discussed the business challenges and growth strategies for the second half of the year, stating, “The current economic situation is challenging, with decreasing spending power and increased business competition. However, we observe opportunities to penetrate new markets and reach different customer groups. Jorakay Corporation has always stood out with quality products and innovations that go beyond pain points. We aim to be superior and introduce trends that align with global directions. For instance, in the second half of this year, we are focusing on the chemical product and SEE JORAKAY paint product markets. Although we are still a new player in the paint sector, we see significant growth potential because we compete through innovation. Products like Crocodile Road Fix Express, which allows road repairs to be completed within 6 hours and reduces carbon emissions by up to 97%, have already earned prestigious accolades, including the Best Innovation Award 2024 from Architect’24 and the Best Innovativeness Green Product Award from SustainAsia Week 2024.
Our SEE JORAKAY paint products also stand out for their safety, environmental friendliness, and adherence to world-class quality standards, catering to families and businesses that prioritize both people and the environment. Sustainability is now at the forefront of every industry, and it has been a core principle for Jorakay since the beginning. Our customers can trust that our products are of the highest quality, with sustainability embedded in every production process. This commitment is a key strength that has fueled our growth in this challenging era. Looking ahead, we plan to expand further into infrastructure projects, including expressways, trains, airports, and road surface repairs, where our innovative solutions are most effective. We will also continue our marketing campaign to highlight Jorakay Corporation’s comprehensive construction innovations, which extend beyond tile adhesive and grout products. When used together, our products can protect and enhance entire houses and support construction projects of all sizes. Additionally, we will continue to expand our branches and distribution network to ensure coverage across Thailand."
Mr. Pongphun Prateepmanowong, Vice President — International Business, Jorakay Corporation Co., Ltd., elaborated on the company’s expansion plans in the CLMV region, stating, “Jorakay Corporation has been active in Cambodia, Laos, Myanmar, and Vietnam for some time, with support teams in most of the countries and established offices in Vietnam and Myanmar. This year, we anticipate generating approximately 450-500 million baht in revenue from the CLMV market. Our primary focus is on Vietnam, a rapidly growing market with expanding cities. Over the past decade, our products have been well-received in Vietnam due to their exceptional quality and innovation. However, we face challenges from cheaper local brands and counterfeit products. To address this, we are planning to establish a factory in Vietnam to strengthen our market presence and launch marketing campaigns to increase brand awareness to become a leader in Vietnam. Additionally, we are exploring opportunities to enter other ASEAN markets, including the Philippines, Malaysia, and Indonesia, and are currently developing business strategies for these countries in collaboration with our partners.”
Jorakay Corporation disclosed that despite rising production costs due to increased energy prices, transportation expenses, and a weakening baht, the company will not raise product prices this year. Committed to its sustainability goals, the company is maintaining its green practices across the entire supply chain, from upstream to downstream, with the aim of becoming a carbon-neutral organization. Committed to create Innovation for Your Family’s Happiness, the company aims to further advance the Thai construction industry.
