Sittipol 1919 posts 15% revenue growth
Sittipol 1919, the leading after-market auto parts supplier, recorded 15% growth in consolidated sales revenue last year despite floods that crippled the local automotive industry.
"We believe the replacement market will rebound in the second quarter this year," said managing director Thanong Leeissaranukul.
Consolidated sales revenue increased to 2.37 billion baht last year from 2.06 billion in 2010.
DID motorcycle chain and sprocket sets were the biggest contributor with 29% growth.
IRC motorcycle tyres, traditionally Sittipol 1919's key source of revenue, contracted by 14% for outer tyres and 26% for inner tyres as production was frozen at a flooded factory in Rangsit.
But Denso spark plugs grew by 27%, Bando motorcycle belts by 27%, Stanley automotive lighting and bulbs by 17% and Elf lubricants by 15%.
The replacement market should grow in line with the expected rebound of the automotive market this year.
Vehicle production is expected to reach 1 million units and motorcycle output 2 million units this year.
Higher raw material costs for rubber and petrochemical products as well as the government's planned minimum wage hike will raise production costs, forcing Sittipol 1919 to increase prices by 3-4%.
Mr Thanong said sales are projected to grow by 20% this year, with IRC motorcycle tyres driving sales, but this depends on political stability and no new disasters.
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