Summit Capital Leasing beats expectations with revenue growth of 37% in 2015

ข่าวหุ้น-การเงิน Wednesday January 13, 2016 11:46 —PRESS RELEASE LOCAL

Bangkok--13 Jan--DC Consultants and Marketing Communications Summit Capital Leasing Co Ltd, a leading motorcycle hire-purchase subsidiary of Tokyo-based Sumitomo Corporation, one of the world's largest trading companies, announced financial results for its fiscal 2015 with a strong growth in motorcycle loan, an increase of 37 per cent from that of 2014, although the Thai economy remains weak. The company is confident it will become the number one leader in the motorcycle leasing market with the monthly motorcycle sales of 10,000 units by the year 2019. It also plans to extend its presence into other retail loans in the future. Wichit Phayuhanaveechai, Chief Executive Officer, Summit Capital Leasing Co Ltd, said that the Thai economy in 2015 remained weak with the household expenditure grew only 1.7 per cent. This has resulted in the sales of passenger cars and motorcycles continue to decline. The registration of motorcycles in 2015 has seen a negative growth of two per cent, compared to the same period of 2014. It is expected that the number of registration will grow less than one per cent in the year 2016. On the contrary, Summit Capital was able to report a growth of 37 per cent in its motorcycle loan portfolio, which exceeds the market growth rate. Registrations based on region: Bangkok and its vicinity is accounted for 45 per cent, followed by 40 per cent from the Eastern region and a combined of 15 per cent from the Northeastern and Southern regions. About the motorcycle market that grew only two per cent last year, the sales volume divided by region are as follows: the Northeastern region reported a sales volume of 26 per cent, Bangkok and its vicinity accounted for 24 per cent, the Northern region contributed to 14 per cent, the Eastern region reported 15 per cent of sales volume while the Southern region saw 13 per cent in sales volume, with the Western region has a sales volume of eight per cent last year. In the meantime, the sports vehicles are receiving huge attention among the fans and drivers. This has led to a 19 per cent increase in the big bike sales last year. "The three key factors contributed to our success throughout the year 2015 including our aggressive business expansion into the targeted areas, which helped increase our revenues. We also added more to the numbers of our staff to cover all of our services areas by recruiting local people, while strengthening our service teams through the establishment of the new training division. Lastly, we have spent about 20 million baht investing in the Summit Capital loan service center, equipped with the advanced technology that meets the international standards. The center helps make it quicker for documents submission from branches nationwide to the headquarters. This offers borrowers quick approvals and efficient, accurate service throughout the loan approval process. In addition, it can help screen the borrowers who are likely to corrupt so that the quality of the customers can be controlled which will lead to a decrease in the bad debt," Wichit said. Moreover, Summit Capital has its own major strength, which is a robust, proactive relationship management strategy that it has implemented to build relationship with the local stores. It focuses on the friendly service, while participating in planning their marketing strategies so that they can run a business smoothly. The company also gives incentives to dealers who can generate sales as targeted. Another thing is it recruits staffs who understand the local market well to work with the dealer in each area. "Summit Capital expects the motorcycle sales of 90,000 units in 2016, an increase of 10 per cent. We shall continue our aggressive business expansion strategy where we intend to open a new branch a month nationwide to expand our customer base. We hope to cover all regions within 2017 where our monthly sales reach 10,000 units. With this achievement, we can become the number market leader within the year 2019. Meanwhile, we also plan to develop new products and services to respond to a variety of customers' requirements and align with the company's business growth," Wichit concluded.

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