Jareeporn Jarukornsakul, Group CEO and Vice Chairman of the Board of Directors of WHA Corporation Public Company Limited (SET: WHA), revealed that the company’s performance in 2Q25 is expected to continue improving compared to both 1Q25 and the same period last year.
The bullish outlook was driven by ongoing expansion in its energy, utilities, and logistics businesses, particularly the industrial estate segment, which has achieved its targeted land transfer of 500 rai.
Simultaneously, WHA is in the final stages of negotiating a land sale deal with a major client in the consumer business, covering more than 500 rai. This deal could close as early as the end of June, or at the latest by early July 2025.
In addition, the company currently holds Letters of Intent (LOI) for land sales contracts totaling over 1,300 rai, not including ongoing negotiations with new clients. Moreover, WHA is in talks to close land deals with over 20 data center clients, expecting to finalize agreements with around 2-3 clients within 2025.
For 2026, some deals under negotiation may involve land sales of up to 1,000 rai.
As for Thailand’s political situation, the company believes there is no impact on its business at present. Regarding U.S. import tariffs, WHA views these as more of a positive than a negative, since Thailand remains attractive to investors. Currently, not a single client has canceled a contract.
Jareeporn also stated that in 2025, WHA is confident it will achieve land sales of approximately 2,350 rai, with most coming from Thailand (over 2,000 rai) compared to the original target of 1,700 rai.
Land sales in Vietnam are targeted at 650 rai, and the company is still evaluating the situation. WHA is confident that it will achieve its goal of transferring land ownership of 2,000 rai to clients in 2025.
The company expects that 2025 performance will reach another all-time high, with forecast normalized total revenue and share of profit growing 35% to about THB 20 billion. WHA is targeting an EBITDA margin above 45%, and maintaining a net interest-bearing debt to equity ratio (Net IBD/E) of less than 1.2x, Jareeporn said.
WHA has established a strong foundation through its 5-year sustainability framework, with five key missions:
1) Green Mobility Ecosystem: Supporting environmentally-friendly transportation in a built-to-suit format, aiming to have 20,000 electric vehicles in service by 2029. This initiative will reduce greenhouse gas emissions by 280,000 tonnes CO₂ equivalent (CO₂e) per year.
2) Comprehensive Water Conservation Program: Creating a sustainable water ecosystem for both industry and communities under the “WHA: Clean Water for Planet” project.
This involves efficient water management—including sourcing and developing raw water to mitigate water shortages. In 2025, WHA targets total water management of 173 million cubic meters, and aims to reduce natural water source usage by 25 million cubic meters annually by 2029.
3) Decarbonization Solutions: Aiming to reduce direct and indirect greenhouse gas emissions from operations. In 2025, installed solar cell capacity will increase by 1.6 megawatts (MW), saving THB 6.2 million in electricity costs annually.
The company also plans to expand renewable energy through collective Private Power Purchase Agreements (Private PPA), aiming for 657 MW in 2025 and 1,200 MW by 2029. This would reduce 683,000 tonnes of CO₂e per year, generate over THB 5.6 billion in annual revenue, and save clients THB 1.86 billion per year in electricity costs.
4) Green Construction: Prioritizing environmentally-friendly building development from design and material selection to construction and operations, while considering all stakeholders.
5) Waste Reduction by 3R (Reduce, Reuse, Recycle): Implementing sustainable waste and resource management based on the 3R policy.
