WHA Group Posted Record-Breaking Q1/2025 Results, with Normalized Net Profit Up 61% Y-Y, Signaling positive momentum with a strong business outlook and outstanding performance

Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation PCL (WHA Group), announced the company's Q1/2025 performance, reporting total revenue and share of profits of THB 5,193 million and net profit of THB 2,075 million. Of this, normalized total revenue and share of profits reached THB 5,181 million, while normalized net profit stood at THB 2,065 million, representing an increase of 61% YoY. This growth was driven by the strong performance across all five business hubs.

Logistics Business continued its steady growth, with total leased and managed warehouse space reaching 3,092,621 square meters, generating Revenue from Rental Property & Property Management and Share of Profit and Mobility Business totaling THB 533 million. A key highlight of the first quarter was securing a major project from a leading retailer in building materials and home improvement. The project requires approximately 40,000 square meters of Built-To-Suit warehouse space under a contract valued at over THB 1.6 billion. In addition, the company signed high-yield short-term lease agreements for approximately 35,000 square meters with major clients, including manufacturers of plastic components for electronic devices, consumer goods producers and distributors, and logistics service providers. The recent announcement of US import tariff hikes has further driven demand for overflow warehouse space, highlighting the sustained high need for logistics facilities.

"The company focused on expanding new projects in high-potential locations across Thailand to meet the increasing demand for warehouse space. These projects include WHA Mega Logistics Center Chonlaharnpichit Km. 4 Project 2, WHA Mega Logistics Center Theparak Km. 21 Phase 3, and WHA Mega Logistics Center Bangna-Trad Km. 23 Inbound, totaling over 380,000 square meters. In Vietnam, WHA has launched its first logistics center within the Minh Quang Industrial Estate in Hung Yen Province, covering an area of 37,500 square meters. The company has also signed a Memorandum of Understanding (MoU) with the local government of Thanh Hoa Province to conduct a feasibility study for the development of a logistics project on a 300-rai site. These expansion plans align with WHA's strategy for sustainable business growth in both domestic and international markets."

Meanwhile, the WHA Premium Growth Real Estate Investment Trust (WHART) is set to acquire assets and/or leasehold rights from the company totaling approximately 70,000 square meters, with an estimated value of THB 1.5 billion in 2025. Recently, the Board of Directors approved the sale of leasehold rights and sublease rights of real estate and other related assets of the additional investment properties, for a total area of 32,524 square meters to WHART, with a total value of THB 808 million.

Industrial Development Business: In Q1/2025, WHA Group recorded industrial land sales totaling 876 rai and signed MOUs for an additional 1,311 rai. The company recognized Revenue and Share of Profit from Investments in Land Business and Sale of Investment Properties for THB 3,606 million baht, representing a year-on-year increase of over 69%, mainly driven by higher land transfers and adjusted land prices. This aligns with the ongoing trend of investment and production base relocation to Southeast Asia. As of the end of Q1/2025, WHA Group had a backlog of 1,538 rai pending ownership transfer, reflecting continued strong demand for industrial lands. Additionally, the company signed land sale agreement with a major data center client for a project covering approximately 450 rai and is currently in negotiations with several data center operators from the US, China, and Europe, as well as leading industrial clients—particularly global electronics and home appliance manufacturers planning to establish production bases in Thailand, which the company has recently signed an MOU to purchase over 500-rai of land.

In Q1/2025, WHA Group operates a total of 16 industrial estates across Thailand and Vietnam. In Thailand, seven projects are under construction or in the development pipeline, covering a combined area of 9,681 rai. The latest development is Phase 1 of the WHA Eastern Seaboard Industrial Estate 5 (WHA ESIE 5), spanning over 4,000 rai. This project is being developed under the "Smart Eco Industrial Estate" concept, emphasizing modern, environmentally friendly industrial infrastructure to support investment in future industries and align with the Eastern Economic Corridor (EEC) development strategy. In Vietnam, WHA Group has two industrial zones under construction, covering a total of 2,297 rai (368 hectares). An additional project, comprising 1,094 rai (175 hectares), is currently in the process of obtaining an investment license. Earlier this year, the company signed an MOU with the local government of Thanh Hoa Province to develop a new industrial zone covering 4,000 rai.

Utilities Business (Water): In Q1/2025, WHA Group's water business maintained steady growth, generating Revenue and Normalized Share of Profit from Investments in Utilities Business of THB 747 million. The total water sales and management volume reached 40 million cubic meters, both domestically and internationally. In Thailand, water sales totaled 30.9 million cubic meters, a slight decline from the same period last year due to reduced demand from raw water and industrial water. However, value-added water products saw a strong 29% year-on-year increase, driven by new customers starting commercial operations. In Vietnam, water sales on equity stake reached 9.1 million cubic meters, up 12% compared to the same quarter last year. This growth stemmed from expanded service coverage under the Duong River project, benefiting both existing and new clients.

Power Business: In Q1/2025, WHA Group recognized THB 132 million in revenue from its solar power business and Normalized share of profit from investments in Power Business totaling THB 176 million. During the first quarter, the company signed additional Private Power Purchase Agreements (Private PPAs) for 15 megawatts, bringing its total Private PPA portfolio to 305 megawatts by the end of Q1/2025. WHA Group's total equity-based power generation capacity reached 980 megawatts, comprising 704 megawatts in operation, including 176 megawatts from renewable sources, and 277 megawatts under development, all of which are renewable energy projects.

"In the first quarter, the company recorded total solar power sales of 49 gigawatt-hours, representing a 44% increase year-on-year, with sustained growth expected. Several projects, currently under construction, totaling over 100 megawatts, are scheduled for completion within the year. Under the Feed-in Tariff (FiT) Phase 1 renewable energy scheme, five projects have been secured, representing a combined equity-based generation capacity of 125.4 megawatts. All contracts for these projects have been successfully signed."

Digital Business: The company is advancing toward becoming a technology-driven organization by fostering a culture of digital innovation and implementing a comprehensive Digital Transformation across all business aspects. WHA Group continues to explore new business opportunities, including the development of "Mobilix Software Solution," a platform designed to manage electric vehicles (EVs) and batteries. The company targets 900 vehicles to be on the platform by 2025. It has also launched the WHASApp application to enhance communication efficiency between customers and the WHA team. The company aims to reach 4,000 users on the platform within this year.

Mobility Business: In Q1/2025, WHA Group recorded a total of 360 electric vehicles (EVs) under its rental service. WHA continues to expand its Mobilix initiative, positioning itself as the first in Thailand to offer a fully integrated, Built-to-Suit EV Ecosystem for Logistics. This ecosystem supports the entire electric mobility value chain through three core services: EV Rental Service, a comprehensive electric vehicle leasing solution; On-Premise & Public EV Charging Solutions, charging stations and related equipment for both private and public use; and Mobilix Software Solution, an intelligent digital platform designed for the efficient management of electric vehicles and batteries.

"Additionally, shareholders have approved an additional annual dividend payment for 2024 of THB 0.1237 per share. The XD sign was posted on 7 May 2025, and the dividend is scheduled for payment on 23 May 2025, reflecting the company's robust financial performance and strong growth. At the same time, Tris Rating Co., Ltd. has assigned an A- credit rating with a "stable" outlook to WHA Group's debentures, underscoring the company's financial strength and business capabilities. WHA also successfully issued Debenture No. 1/2025, offering THB 4,000 million in bonds with a three-year maturity and an interest rate of 2.69%, which were oversubscribed by more than twice the initial target.

WHA Group's strong commitment is reflected in its continued excellence. In the first quarter, WHA Group achieved several prestigious recognitions. The company was honored with the "THAILAND TOP COMPANY AWARDS 2025" in the transportation and logistics category, under the theme "Beating the Unpredictable."

WHA Digital also earned four Healthy Organization Awards 2024 from the Thai Health Promotion Foundation (ThaiHealth), recognizing its efforts to promote employee well-being through the WHAbit wellness application. Group CEO Ms. Jareeporn Jarukornsakul also received the Best Woman Leadership - Visionary Leadership Award at the Go Thailand Woman Run the World event, and was named "Top Executive of the Year 2024" by the Thailand Top Vote program.

• ข่าวo:editor
• ข่าวo:bus
• ข่าวo:loc
• ข่าวen