Mitihoon – WHA Corporation Public Company Limited (WHA Group) announced its performance for the first nine months of 2024, reporting total revenue and share of profit of THB 9,954 million baht and a net profit of THB 3,113 million, up 55% year on year. The normalized revenue and share of profit amounted to THB 10,000 million, while normalized profit reached THB 3,312 million, an increase of 71% YoY. The board approved an interim dividend of 0.0669 baht per share, with an XD will be posted on 21 November and a payment date on 6 December 2024. Group CEO Jareeporn Jarukornsakul indicated ongoing negotiations for several data center projects, positioning Thailand as a major data center investment hub. The company also anticipates recognizing asset sales into the WHAIR trust and celebrating its success at the SET Awards 2024, where it received the Best Sustainability Award, achieving recognition in the Sustainability Excellence category for the fourth consecutive year, reinforcing its commitment to business excellence in all dimensions.
WHA Corporation PCL (WHA Group) reported its Q3/2024 earnings with a total revenue and share of profit of THB 2,681 million and a net profit of THB 459 million. Normalized total revenue and share of profit stood at THB 2,913 million, an increase of 8%, while normalized profit was THB 757 million, up 24% YoY, compared to the same quarter last year.
For the first nine months of 2024, the company reported a total revenue and share of profit of THB 9,954 million, with a net profit of THB 3,113 million. When considering normalized performance, the company had normalized revenue and share of profit increased to THB 10,000 million, representing a growth of 21%, while normalized profit rose to THB 3,312 million, up 71% YoY, compared to the same period last year.
The increase in performance reflects the company’s strong financial position, leading the Board of Directors to approve an interim dividend of 0.0669 baht per share for the nine months of 2024. The XD date is set for 21 November, with the dividend payment scheduled for 6 December 2024. This decision aligns with the corporate credit rating assigned by TRIS Rating at “A-” with a “Stable” outlook, reflecting the continuous, sustainable, and robust growth of the company’s four core business hubs, including the sale of assets to the WHA Industrial Leasehold Real Estate Investment Trust (WHAIR).
Miss Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation PCL or “WHA Group”, stated that the overall performance for the first nine months of 2024 saw remarkable growth, driven by all four business hubs: logistics, industrial estates, utilities (water and power), and digital business. This growth aligns with ongoing trends in investment and production base relocations, consistently attracting long-term investments from various industries.
Logistics Business: WHA Group’s logistics business continues to grow significantly. In the first nine months of 2024, the company signed Built-to-Suit lease agreements and the addition of ready-built factories/warehouse totaling 84,658 sq.m. Furthermore, short-term lease contracts with high returns totaling 100,520 sq.m. This expansion brings the total warehouse space under WHA Group’s ownership and management to 3,010,488 sq.m. As a result, the company’s revenue in Q3/2024 and first nine months from rental property and electric vehicle businesses reached THB 404 million and THB 1,123 million, respectively.
Recently, the WHA Mega Logistics Center in Thepharak KM. 21 signed a lease agreement with Mr. D.I.Y. Holdings (Thailand) PCL, a manufacturer and distributor of household and home improvement products, for approximately 16,000 sq.m. Recently, this company has signed lease contract for additional warehouse space of around 17,000 sq.m. Meanwhile, at the WHA Mega Logistics Center Bangna-Trad Km. 23, Project 3, logistics service companies have signed lease contracts for warehouse space, totaling 25,000 sq.m. At the same time, WHA Group is also in talks with several other potential clients interested in leasing space. There are currently pre-signed lease agreements and awarded projects totaling over 60,000 sq.m. from clients seeking high-quality warehouse space.
As for electric vehicle (EV) business under the ‘Mobilix’ brand, Thailand’s first comprehensive green logistics solution—including commercial EV rentals, charging infrastructure installation, charging stations, and the Mobilix Software Solution—has attracted significant interest from corporate clients. Since the launch of Mobilix Software Solution, the company has received positive feedback from users. As of Q3/2024, 281 electric vehicles have been leased to corporate clients.
Meanwhile, WHA GC Logistics Company Limited (WGCL) recently held a grand opening ceremony at the International Distribution Center in Rayong province. This event marks a significant milestone for WGCL, a joint venture between GC and WHA, demonstrating its commitment to strengthening its position in the logistics and petrochemical markets. The collaboration leverages the expertise, strengths, and market leadership of both companies, strengthening WGCL’s position as a leading industry player.
WHAIR unit holders have recently approved additional investments in the plan to sell assets and/or leasehold rights to the WHAIR Trust in 2024. WHA Group plans to sell approximately 40,172 sq,m of warehouse space for about THB 1,065 million. Revenue recognition is expected in Q4/2024.
Industrial Development Business: WHA Group has adjusted its land sales target for 2024 to 2,500 rai. In the first nine months of 2024, the company achieved land sales totaling 1,791 rai (1,695 rai in Thailand and 96 rai in Vietnam). Additionally, there are 904 rai of pending MOUs (872 rai in Thailand and 31 rai in Vietnam). In Q3/2024 and the first nine months, the company’s revenue and share of profits from the industrial estate business were THB 974 million and THB 4,565 million, respectively. The amount of Land transfer in the first nine months of 2024 grew by over 56% compared to the same period last year. Land prices have also trended upward, reflecting positive investment sentiment driven by the shift of investment and production bases to Southeast Asia. As of the end of Q3/2024, the company has a backlog of 1,259 rai (1,225 rai in Thailand and 33 rai in Vietnam) awaiting transfer to customers.
In Q3/2024, the company signed a land sale and purchase agreement with Google, a global technology company that plans to build a data center and cloud region in Thailand. The company is also in talks with customers from data center sector for several projects. This reflects Thailand’s potential as a destination for data center investments.
As of Q3/2024, WHA Group has a total of 78,000 rai of industrial estate land in both Thailand and Vietnam. In Thailand, WHA Group currently operates 12 industrial estates and has 6 new expansion/development projects covering area over 10,000 rai. Within the next three years, the company will have a total of 52,390 rai of industrial estate land.
WHA Group’s industrial estate business in Vietnam currently has 22,815 rai (3,650 hectares) of operational and under-development industrial zones. This includes WHA Industrial Zone 1 – Nghe An, phases 1 and 2, total area of 3,125 rai (500 hectares) which are now operational. WHA Industrial Zone 2 – Nghe An, phase 1, covers 1,181 rai (189 hectares) and is expected to receive project approval this year. The company is also looking to expand into three new industrial zones in Thanh Hoa and Quang Nam provinces, covering a total area of 9,690 rai (1,550 hectares).
Utilities Business (Water): The continuous growth has allowed the company to recognize revenue and normalized share of profit from investments in utilities associates amounting to THB 812 million for Q3 and THB 2,343 million for the first nine months of 2024. The total sales and water management volume, both domestically and internationally, for Q3 and the first nine months of 2024 were 42.0 million cubic meters and 125.8 million cubic meters, respectively.
For domestic water sales, the volumes for Q3 and the first nine months of 2024 were 32.5 million cubic meters and 99.0 million cubic meters, respectively, reflecting an increase driven by the rising of value-added water demand. Overall, there has been growth in sales and water management across nearly all products, although the sales of raw water products in Q3/2024 saw a slight decline due to reduced production from energy sector customers.
“Recently, the company benefits from several positive factors, including increased water demand from new customers who have begun commercial operations, such as the Premium Clarified Water project with GC, which amounts to 3.5 million cubic meters per year for use within GC’s factory located in the WHA Eastern Industrial Estate (Map Ta Phut).”
In Vietnam, the water sales and management volume increased during Q3 and the first nine months of 2024. The company reported total water sales in proportion to its equity stake of 9.5 million cubic meters and 26.8 million cubic meters, respectively. This growth is attributed to the increased water sales from the Doung River project, resulting from the expansion of service areas, which led to higher sales volumes from both existing and new customers. The company’s share of profit for the first nine months of 2024 amounted to THB 72 million, reflecting an increase from the recognized share of loss of THB 2 million baht recorded during the same period last year.
Power Business: The company recognized a normalized share of profit from its investment in joint ventures and associated companies, excluding accounting gains/losses from foreign exchange rates and revenue from solar power businesses, amounting to THB 357 million in Q3 and THB 1,063 million for the first nine months of 2024. The normalized share of profits from the power business has decreased compared to the same period last year. This was primarily due to a decrease in the normalized share of profit from the GHECO-One power plant, resulting from the recognition of higher coal costs recorded in the previous period, and the appreciation of the Thai baht has resulted in a decrease in energy payment revenue.
For the solar power business in Q3/ 2024, the company signed 24 additional contracts for the Solar Rooftop project, with a total capacity of 13 MW. As a result, by the end of Q3/2024, the company has the total accumulated signed capacity of 269 MW in Private PPA contracts, with a total secured capacity according to its equity stake of 944 MW. This includes 697 MW of operational capacity and 247 MW currently under development.
“The company has been selected by the Energy Regulatory Commission to develop renewable energy power plants under the Feed-in Tariff program, Phase 1, comprising five projects with a total electricity production capacity according to its equity stake of 125.4 MW. Contracts for four projects, totaling 85 MW, have already been signed, and it is expected that the power purchase agreement for the remaining project, amounting to 40 MW, will be signed within this year. The commercial operation date (SCOD) is scheduled for 2029 – 2030.
Digital Business: WHA Group aims to elevate its organizational and personnel development to become a Technology Company by 2024 under the Mission To The Sun (MTTS). This initiative focuses on digitizing business operations, creating new products, and adding value for customers. By 2025, the company intends to evolve into a Tech-Driven Organization, enhancing WHA Group’s business potential and generating revenue through new digital platform services while developing the expertise of its technology team.
The company also participated in the Techsauce Global Summit 2024 by creating the WHA Experience Zone, showcasing innovations and technologies within the WHA ecosystem and highlighting the success of its transformation into a fully-fledged Tech & Sustainable Company. It also introduced Mobilix, Thailand’s first comprehensive green logistics solution designed to meet the needs of modern businesses by reducing environmental impact and logistics costs simultaneously.
Additionally, there are 12 AI Transformation projects focused on using data analysis to improve operational efficiency. These include Solar Anomaly, which real-time detects issues with solar panels; Solar Forecasting, which evaluates and predicts sunlight levels; and RO System Performance Forecasting, which leverages data analytics to monitor water quality in industrial estates for optimal water resource utilization.
To reinforce its success, WHA Group recently received the “HR Asia: Best Companies to Work for in Asia” and “HR Asia: Sustainable Workplace Awards” from HR Asia, a leading HR magazine in the Asia region. The company also won the MEA ENERGY AWARDS 2024 for office buildings under a program promoting energy efficiency. WHAID, a group’s subsidiary, also earned 7 awards for eco-industrial parks at the Eco Innovation Forum 2024, organized by the Industrial Estate Authority of Thailand (IEAT) and the Water and Environment Institute for Sustainability, Thailand’s Federation of Industries.
WHA Group also received the Best Sustainability Awards, achieving recognition in the Sustainability Excellence category at the SET Awards 2024 for the fourth consecutive year. This underscores its role as a model organization striving for business excellence through ESG practices aligned with United Nations sustainability goals and international standards. Additionally, the company was assessed under the 2024 Corporate Governance Report (CGR) by the Thai Institute of Directors (IOD), receiving an ‘Excellent’ or ‘5-star’ rating for the seventh consecutive year. Furthermore, on 5 November 2024, TRIS Rating announced an “A-” corporate credit rating for the company with a “Stable” outlook, reflecting its strong business fundamentals and ongoing sustainable growth across its four business sectors.
In addition, Miss Jareeporn Jarukornsakul, Group CEO, also received the Real Estate Personality of the Year Award 2024 from Property Guru, a leading media outlet in the ASEAN real estate sector, for her outstanding contributions to the industry. She also won the “CEO of the Year 2024” award from Bangkok Post for her visionary leadership, innovation, and commitment to sustainable growth. Furthermore, she was recognized as the Thailand Headline Person of the Year 2024 in the economics and society category, honoring her as an outstanding individual of the year.
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