Jay Mart catapulted founder Adisak Sukumvitaya into the 50 richest companies in Thailand
When the Thailand Stock Exchange recently revamped its SET50 index, the most extensive index of companies by market capitalization, Adisak Sukumvitaya emerged victorious. These include flagship Jay Mart and collections and management unit JMT Network Services. Both of which have been among the hottest stocks in Thailand over the past year up 54% and 74%, respectively while the index is down more than 3%. The double entry was a milestone for founder and CEO Jay Mart, which opened its first homewares store in 1989.
“For me, this is a great reward on my 33-year entrepreneurial journey,” said Adisak, 66, of Jay House. His spacious home in a gated area 30 kilometers from Bangkok’s central business district.
Departing from its retail roots, Adisak has developed this single store into the Jaymart Group, of which Jay Mart is the flagship parent company. Jay Mart has interests in three publicly traded companies and several private companies.
The company’s business mainly falls into three categories: retail, finance, and technology.
They cover the entire spectrum from selling and retailing mobile phones, IT products. Also electronic devices to accounts receivable management and debt collection, financial services, coffee shops, and technology. Jaymart Mobile sells mobile phones in 200 stores in Thailand. Jay Mart’s finance department offers consumer credit and general insurance. Its tech arm, J Ventures, develops new technologies such as AI, blockchain, and big data and builds a metaverse platform.
Amid Thailand’s slow economic recovery, Jay Mart posted a record net profit of 2.5 billion baht ($71 million) in 2021, triple the previous year, on sales of 12.3 billion baht. Jay Mart’s soaring stock saw Adisak, a significant shareholder with his wife Yuvadee Pong-Acha. Into the top 50 with an estimated net worth of $835 million. Jay Mart also its subsidiaries — real estate developer JAS Asset. JMT Network, also direct selling company Singer Thailand — have a combined market capitalization of $6.5 billion.
“Adisak has grown Jay Mart exponentially since its inception, building on it through strategic acquisitions and partnerships. Said veteran banker Kongkiat Opaswongkarn, CEO of Asia Plus Securities, the lead investment bank for the group’s three IPOs.