Sixth Consecutive Record Year For B-Quik
2006 was the 6th consecutive record year for B-Quik, the Thailand-based tyre and car services retailer. The company serviced 250,000 customers through its total of 45 centres, of which three were new stores opened during 2006.
Despite a continuing, slightly declining aftermarket for passenger car tyres in Thailand (-3.2 per cent in units), B-Quik posted a 12 per cent increase in tyre unit sales to 260,000 units. Total revenue increased by 21 per cent to a record amount of 1 billion Thai baht (US$ 28 million or 21.7 million euros).
Operating profit (EBIT) jumped 65 per cent to 58 million baht (US$ 1.6 million or 1.240 million euros).
In 2006 B-Quik launched their own B-Quik Visa card, as a credit card and membership card for B-Quik customers; currently 12,000 cardholders are enjoying the benefits tied in with the card.
Air-conditioning servicing for cars was started in 20 of the 45 B-Quik stores and this will be rolled out to all other stores in the next six months.
Currently B-Quik has two new stores under construction for opening in March 2007 and will begin work on two more stores next month for opening in April this year.
A feasibility study for expansion in Malaysia is underway in order for B-Quik to be able to take the next step after the target of 50 stores in Thailand has been achieved
Thailand is developing rapidly from a traditional market to a more mature, modern service retail environment. “With two million vehicles in the greater Bangkok area and another four million in the rest of Thailand, the automotive repair market is large and B-Quik is planning to grow all over Thailand” says Ms. Busararat, the COO of B-Quik. “We will start building the first B-Quik stores outside of Bangkok this year, as the first step towards nation-wide coverage.”
“2006 was another interesting year for B-Quik” said Henk J. Kiks, CEO of the company. “The company is now established as a market leader in Bangkok and is the fastest growing and most profitable car repair business in Thailand. The important thing last year was that in October of 2006, Marubeni Corporation acquired an interest in B-Quik and is supporting and enabling us to accelerate our rapid growth, both in Thailand and, soon, outside the country. Access to the resources of a multinational like Marubeni opens up lots of opportunities.”