The MAI-listed Tirathai Transformer Plc (TRT) expects to double its annual revenue to 5 billion baht by 2017 from 2.53 billion last year, spurred by production expansion.
TRT's 300-megavolt-ampere transformer is seen being installed at a state enterprise project in Thailand.
Managing director Sumpan Vongphan said capital expenditure of 500 million baht would be spent this year and next to expand capacity at the company's transformer and steel production plants.
Of the total, 280 million is allocated to raise transformer capacity at its plant in Samut Prakan's Bangpoo Industrial Estate to 9,000 megavolt-amperes a year from 5,000 MVA.
Another 220 million will be used to expand the capacity of its steel production plant located in the same estate to 10,000 tonnes a year from 2,000 tonnes. The expansion is expected to be complete by mid-2015.
TRT acquired the steel production plant in 2012 from LDS Metal Works Co for 50 million baht in a backward integration of its transformer production.
Mr Sumpan said TRT projects its revenue to increase 40% this year from 2013 to 3 billion baht, thanks to strong demand in the domestic market.
Projects have been maintained, although the company reported a 4.2% year-on-year decline of first-quarter revenue to 383.9 million baht due to delays in purchasing orders from large-scale power plants.
The company has backlog orders of 1.93 billion baht, including a project worth 227 million awarded from the Metropolitan Electricity Authority and contracts worth 762 million from private companies.
TRT also has export orders of 265 million baht and maintenance service contracts worth 227 million.
Mr Sumpan said TRT is preparing to bid for projects worth 8 billion baht including a 2-billion-baht project for the Provincial Electricity Authority and a 100-million-baht contract of the Electricity Generating Authority of Thailand.
The company also aims for export orders of 1.95 billion baht from private companies.
It is approaching customers in Myanmar, Brunei, Cambodia, the Philippines, Malaysia, Indonesia, Sri Lanka and Nepal.
Export orders this year are set to grow by 20% before surging by another 30% in 2015.
Mr Sumpan said TRT is studying the feasibility of setting up a switch gear production plant in Thailand by forming a joint venture with a Chinese partner interested in having a production base in Asean.
Shares of TRT closed Monday on the MAI at 5.10 baht, down 20 satang, in trade worth 2.51 million baht.
