Dohome Plc Adisak Tangmitrphracha has entered the exclusive list of the nation’s billionaires after the home-improvement retailer surged in popularity during the pandemic.
While Dohome PLC is not a “unicorn,” some of its rare traits have considerably increased its sales and earnings.
Dohome, based in Ubon Ratchathani, is one of only two Isan-based companies listed on the Thailand Stock Exchange and is market-valued at over $1 billion.
The company is also part of a handful of local firms that saw their shares double during the Covid-19 pandemic, raising Mr. Adisak and his family’s net worth to $1.3 billion, the Bloomberg Billionaires Index said.
Mr. Asidak established his first Dohome megastore outside Ubon Ratchathani in 2007, after opening his first store in 1983 and winning customers’ trust.
Since then, it has faced strong rivals such as Siam Cement Plc and Central Retail Corp Plc.
“Dohome has set a great example for small businesses to compete with much larger and better-funded companies from the metropolis,” Mongkol Julthus, chairman of the Ubon Ratchathani Chamber of Commerce, stated.
“An aggressive pricing strategy and good customer services have helped the company attract loyal clients from many provinces,” Mongkol added.
Dohome currently operates 14 full-service stores across Thailand and expects to increase to 36 outlets by late 2025, its website says.
But the company has also increased its online presence and marketing since the pandemic began in March last year.
It reported a net income of 601 million baht in the second quarter, representing an increase of 311% over the same period last year and a quarterly record since its listing two years earlier.
Dohome also saw its profits rise 253% to 1.14 billion baht for the six months through June.
“The work-from-home policy is spurring demand for home renovation and decorations in some areas,” Amnart Ngosawang, an analyst at KTBST Securities Pcl in Bangkok, said.
“We expect Dohome to maintain steady earnings growth in the long term through its expansion strategy and effective product mix,” Amnart added.
Now-billionaire Mr. Adisak, 68, is still active in the Ubon Ratchathani Chamber of Commerce, where he advises prospective entrepreneurs and back social activities.
