WHA Utilities and Power Public Company Limited (SET: WHAUP) reported net profit of THB 532 million for the second quarter of 2026, representing an increase of 276% year-on-year. This brought net profit for the first half of 2026 to THB 835 million, up 129% year-on-year. The strong performance was driven by higher sales across all water products and continued growth in the power business. WHAUP’s total power portfolio has now reached 1,070 MW, while the company is ready to pursue further clean energy investments arising from the Direct PPA policy and the new Power Development Plan (PDP).
WHA Utilities and Power Public Company Limited (WHAUP) notified the Stock Exchange of Thailand of its financial results for the second quarter of 2026. The company recorded total revenue and normalized share of profit of THB 1,258 million, with normalized net profit of THB 502 million, an increase of 116% year-on-year. Net profit, including foreign exchange impacts, amounted to THB 532 million, up 276% year-on-year.
For the first six months of 2026, the company recorded normalized revenue and share of profit of THB 2,261 million, with normalized net profit of THB 703 million, an increase of 53% year-on-year. Net profit, including foreign exchange impacts, amounted to THB 835 million, rising 129% year-on-year. The strong performance was supported by robust growth in both the water and power businesses.
Mr. Akarin Prathuangsit, Chief Executive Officer of WHA Utilities and Power Public Company Limited (WHAUP), said that the utilities business recorded higher sales volumes across all water products in the second quarter of 2026, particularly industrial water and raw water. The increase was mainly driven by higher water demand from customers in the petrochemical and power sectors. As a result, the utilities business generated total revenue of THB 693 million in the second quarter of 2026, an increase of 8% year-on-year.
For the first half of 2026, total revenue from the utilities business reached THB 1,638 million, up 35% year-on-year. In the second half of the year, WHAUP will continue expanding its utilities investments to meet rising water demand from new customers across a diverse range of industries.
In the power business, WHAUP recognized revenue of THB 169 million from Private PPA contracts for solar rooftop projects in the second quarter of 2026, an increase of 47%. For the first six months of 2026, revenue from Private PPA contracts totaled THB 332 million, representing an increase of 38%. During the first half of 2026, the company signed 17 additional solar rooftop contracts with a combined generating capacity of approximately 34 MW.
As of the end of the second quarter of 2026, WHAUP’s accumulated contracted capacity under Solar Private PPAs stood at 384 MW. The company’s total equity-based contracted power generation capacity across all types of power plants reached approximately 1,070 MW, comprising 756 MW in commercial operation and 314 MW under construction and development.
In terms of normalized share of profit from power investments, WHAUP recognized THB 367 million in the second quarter of 2026, an increase of 139% year-on-year. The improvement was mainly attributable to a higher share of profit from the Gheco-One power plant, which resumed normal operations in the second quarter after being shut down for maintenance for most of the first quarter. The company also benefited from the decline in coal prices, which contributed to an improvement in energy margins. Nevertheless, for the first six months of 2026, normalized share of profit from power investments amounted to THB 228 million, a decrease of 34% year-on-year.
Mr. Akarin added that, for the second half of the year, the company will continue expanding its renewable energy investments both within and outside WHA industrial estates. WHAUP is closely monitoring developments in government policy and has prepared its investment capabilities to capture emerging opportunities under the new PDP, as well as the first phase of the Direct Power Purchase Agreement (Direct PPA) scheme, covering 2,000 MW. These initiatives are expected to create significant opportunities for WHAUP to expand its generating capacity and reach new customer segments with growing demand for clean energy.
At the same time, WHAUP continues to reinforce its position as a provider of comprehensive renewable energy solutions, ready to support government policies and meet rapidly expanding demand for clean energy across industries. This commitment is reflected in the company’s continued collaboration with new partners. Most recently, WHAUP signed a memorandum of understanding with the Synphaet Hospital Group to study Direct PPA and Third-Party Access models. The collaboration underscores the company’s readiness to deliver green energy solutions that support the sustainability ambitions of businesses across all sectors.
“Our commitment to conducting business while creating sustainable growth is reflected in WHAUP’s inclusion in the 2026 ESG100 list by the Thaipat Institute for the third consecutive year. This recognition demonstrates our continued adherence to environmental, social and governance principles. In addition, the company has been selected by the Stock Exchange of Thailand as a constituent of the SET100 Index, reflecting investor confidence in WHAUP’s strong fundamentals and long-term growth potential,”
