WICE announces its 3-year strategic goal to become Asia’s leading logistics provider. The company emphasizes growing the number of shipments through affiliates, expanding China and Malaysia markets, collaborating with overseas partners to launch new services, and filing ETL, a subsidiary of cross-border transport in December, to ensure new high results for 3 consecutive years.
Mr. Chudet Kongsoonthorn, Managing Director – Business Development, WICE Logistics Public Company Limited or WICE, a fully integrated international logistics service provider stated that the company plans to make strides in integrated logistics services by 2025, with a network covering the entire Asia region.
The Company’s medium-term plan (2023-2025) is to focus on better coordination across its nine subsidiaries to expand its market, supporting the increasing demand for cargo in countries such as China and Malaysia, where both sea and air transport have significant potential growth. The company also plans to expand its facilities and workforce, as well as its expertise in implementing strategies to reach local customers through transportation management and a variety of services such as Reefer Container and LTL (Less-Than-Truckload) delivery.
In addition, the company plans to collaborate with partners to establish additional branches in Asian countries with high economic potential growth, such as Vietnam, to enhance freight opportunities, develop regional routes, and lower costs to generate its greater profitability.
Meanwhile, there are also plans to expand freight services to key U.S. customers. Despite the decrease in freight prices, the company managed freight expenses with its affiliates to retain profit margins, and shipment volumes increased from year to year. When freight rates revert to normal levels, freight volumes are expected to rise steadily. Moreover, the company seeks to increase the share of food product shipments in addition to vehicle and electrical components and household items.
For WICE Supply Chain Solutions Co., Ltd., a subsidiary company that provides fully integrated supply chain solutions such as warehousing, distribution, goods transportation, and large-scale equipment, plans to increase the total warehouse area to 100,000 square meters within three years, including providing onsite warehouse management services. The company also works with its partners to establish a warehouse alongside businesses that wish to expand their production lines while lowering their storage expenditures.
For Cross Border Service, EuroAsia Total Logistics Co., Ltd. (ETL), a subsidiary, successfully maintains good volumes of transportation. Operations are predicted to improve early in 2023 when transportation routes can resume regularly, and cargo quantities continue to rise. Such services are gaining more popularity due to their convenient and fast transportation. To increase its potential for future expansion, the company is prepared to file a filing statement for an initial public offering of newly issued ordinary shares (IPOs) on the Stock Exchange of Thailand – mai in December 2022.
“The company believes that the logistics business will continue to develop in the future. We have revised its strategy and expanded its service model by cooperating more with its affiliates. Additionally, there are several possibilities to collaborate with partners to generate new growth. With our strengths in providing a full range of services and comprehensive transportation routes, we have set a target of at least 20% annual revenue growth while maintaining a net profit margin of 7% and are confident that it will be able to generate growth, determined a new high for the third year,” Mr. Chudet added.