Ichitan Group, or ICHI, has announced its entry into the fertiliser business through a joint venture with the Ek Yong Wong group, or EYW, owner of the Nok Pak Hang brand, which has been in the industry for more than 30 years. The venture will launch a new brand called Pu Kap Tan. ICHI will hold 51% of the new joint venture, while the EYW group holds 49%, with registered capital of 150 million baht. The move is part of the ICHITAN Mission 2026 strategy, which aims to create new revenue sources beyond the beverage business that serves as its main revenue base. The joint venture targets revenue of about 1.5 billion baht and net profit of 135 million baht within its third year. It expects revenue of about 370 million baht and net profit of 20 million baht in 2027, rising to revenue of 1 billion baht and profit of 75 million baht in 2028, before reaching revenue of 1.5 billion baht and profit of 135 million baht in 2029. The joint venture's goal is to capture about 4% of the retail market share in the NPK compound fertiliser market, or generate sales of around 1.3 billion baht within its third year, out of a Thai fertiliser market that the company estimates was worth about 82 billion baht in 2026. Of that, the NPK compound fertiliser market accounts for roughly 32 billion baht, and the top five players control about 75% of the market, leaving room for competition of around 25%, or a value of approximately 8 billion baht. The joint venture aims to complete the establishment of the company and its management team by December 2026, before preparing its supply chain system, products, brand and research between January and May 2027, and then commencing full operations in May 2027. All of the revenue and profit targets above are still company estimates, not actual operating results.
Ichitan Group Public Company LimitedICHI enters a new fertiliser joint venture (51% stake) targeting 1.5bn baht revenue by year three, creating new revenue beyond beverages.
EYW partners with ICHI in a 49%-owned fertiliser joint venture launching the Pu Kap Tan brand.
