Continued political turmoil has wreaked havoc with many of the country’s business sectors, and the PR industry is no exception. With that in mind, the performance of 124 communications - one of the country’s largest and most sophisticated firms - has been resilient. The firm may not have hired any new staff, but neither was it forced to retrench any employees, instead opting to restructure its business model to cope with the changes in the country’s economic environment.
Founded in 1988 by veteran management consultant Nimitz Modrakee, 124 remains one of the strongest independent public relations firms in Thailand (as well as one of only a handful of PR firms listed on an Asian stock exchange). After initially making its name for providing a broad range of services - including corporate communications, investor relations (including IPOs), issues and crisis management, government relations and public affairs, and marketing communications - to blue-chip corporates and government agencies, 124 shifted its focus this year. Instead the firm rebuilt its offering around alternative and renewable energy communications, as it attempted to cope with the fallout from Thailand’s debilitating political woes.
Under current Thai laws, the public is empowered to voice its opinion on any industry that is endangering the environment. Businesses involved in mainstream production and manufacturing require public assessment and approval before being granted a licence to operate. This has created considerable confusion among different stakeholders, particularly in the energy and industrial sections. NGO activity, unsurprisingly, has accelerated. In this, 124 has spied an opportunity - and believes the area will comprise its main source of income for the next decade.
The firm likens the first seven months of 2010 to being “half-burnt” before a moderate revival in the final quarter. In 2009 the firm reported revenues of approximately $6 million, but admits there was zero growth in 2010. At the very least, the outlook for 2011 is promising, and 124 enters the year with a client roster that remains impressive - featuring such names as Resort World Sentosa, the Ministry of Commerce, Airports of Thailand, MasterCard, American Standard and Bacardi. New clients in 2010 included Big C Supercenter, Casino Groupe, the Department of Energy Planning, Ministry of Energy and Akara Gold Planning.
124 remains noted for its high levels of proactivity and creativity and its commitment to client service. Modrakee, previously a management consultant to the National Science and Technology Development Board and chief consulting officer to The Telephone Organization of Thailand, Port Authority of Thailand and Electricity Generating Authority of Thailand, has surrounded himself with several other seasoned executives: managing director Sopawadee Chanthaworn, who joined the firm 11 years ago and worked her way up through the ranks to her current position; public affairs manager Watit Prasomsap, who previously managed marketing communications for Telephone Organization of Thailand; and executive director Inthira Chaion-nom, who joined in 1992 after a very successful six-year stint with Thailand’s Prachachart business newspaper and who leads the firm’s IPO work.
124 focuses exclusively on the domestic market. It is also Ketchum’s affiliate in Thailand.—AS