WHA Group Reports All-Time High Earnings for 2022 as Net Profit Grow 56%, Offering THB0.1672 Dividend

WHA Corporation PLC (WHA Group) has announced its 2022 performance, reporting total revenue and share of profits of THB 15,567.6 million and net profits of THB 4,045.9 million, an increase of 56.2% year-on-year. Normalized total revenue and share of profits amounted to THB 15,566.4 million and normalized profits amounted to THB 4,064.5 million, an impressive increase of 50.0% year-on-year and largest earnings to historical highs.

The Board of Directors has recently approved a total annual dividend payment at 0.1672 baht per share, with the XD sign posted on 10th May 2023, and the dividend payment scheduled on 25th May 2023. Group CEO, Ms. Jareeporn Jarukornsakul reaffirmed the company’s commitment to ‘Mission to the Sun’, aiming to create new products and services to support existing business and drive future sustainable growth.

WHA Group will invest a total of THB 68.5 billion over the 5-year period (2023 – 2027), which is expected to boost its accumulated revenue to reach THB 100 billion over the 5-year period (2023 – 2027).

WHA Corporation PLC or WHA Group reported its 2022 earnings with total revenue and share of profits of THB 15,567.6 million, an increase of 30.1%, and net profits of THB 4,045.9 million, an increase of 56.2%, respectively. The company has achieved total normalized revenue and share of profits of THB 15,566.4 million, representing an increase of 28.9%, and normalized profits of THB 4,064.5 million, representing an increase of 50.0% and the highest net profit figures in corporate history.

In Q4/2022, WHA Group achieved total revenue and share of profits of THB 8,997.6  million, an increase of 24.3%, and net profits of THB 2,841.6 million, an increase of 39.6%. The company’s total normalized revenue and share of profits amounted to THB 8,924.0 million, reflecting an impressive increase of 23.6%, while normalized profits reached THB 2,754.9 million, up 36.7% from the same period last year. These positive results were primarily driven by outstanding performance of its industrial estate business and income from asset sales to both WHART and WHAIR, with the combined area of 208,149 sq. m., accounting for THB 5,397 million.

On the same day, the Board of Directors approved the dividend payment for the 2022 performance at the rate of 0.1672 baht per share. This rate includes an interim dividend of 0.0669 baht per share, which has already been paid to shareholders, as well as an additional payment that will be proposed for approval at the shareholders’ meeting at 0.1003 baht per share. These dividends reflect the company’s extraordinary performance throughout the year. The XD sign will be posted on 10th May 2023, while the payment date is scheduled on 25th May 2023.

Ms. Jareeporn Jarukornsakul, Chairman and Group CEO of WHA Corporation PCL, said WHA Group’s 2022 business performance reaffirms the company’s leading position of the four business hubs: logistics, industrial estates, utilities & power, and digital solutions, both in Thailand and Vietnam.


Logistics Business: In 2022, WHA logistics achieved outstanding performance due to the country’s reopening, which led to economic recovery and resumption of investment activities. At the end of the year, WHA logistics signed lease agreements for Built-to-Suit and Ready-Built factories and warehouses totaling 136,332 sq. m. and entered into short-term contracts with high returns totaling 135,012 sq. m. This contributed to the group’s ownership and management of a total of 2,718,231 sq. m.

The trend of renting high-quality warehouses has been continuously growing, as seen by the overall occupancy rate of 92%. In Q4/2022 and throughout the year of 2022, the company recognized revenue and share of profits from rental properties and sale of investment properties, amounting to THB 3,886.3 million and THB 4,743.0 million, respectively.

Furthermore, in 2022, the company achieved a significant milestone with the successful launch of the WHA Mega Logistics Center located in Theparak KM. 21 with total area of 400 rai, while 68% of Phase I (130,000 sq. m.) has already been occupied by several large e-commerce players, third-party logistics providers, and other key tenants in the consumer goods sector.

The company is committed to expanding its logistics business to meet the evolving needs of both domestic and international customers, especially Vietnam, a country with high growth potential. The company is also dedicated on providing value-added services to its customers by leveraging on innovations and digital technologies such as quantum computing, the Internet of Things (IoTs), and data analytics etc. Currently, WHA logistics is conducting studies on intelligent warehouses and exploring the application of quantum computing on transportation services to improve route efficiency under the concept of green logistics. Additionally, the company is proactively seeking partnerships with promising startups to improve the overall customer experience.

For the office solutions business, WHA logistics continues to expand several office building projects in prime locations in Bangkok. Most recently, the WHA KW S25 project is expected to be completed in July 2023 and is prepared to launch soon. Currently, WHA logistics has 6 office building projects in Bangkok and Samut Prakan with a total area of over 100,000 square meters and complete facilities and superior design.

In 2023, new projects and contracts from 3PL, consumer goods and retail sectors are expected to deliver collectively total 200,000 sq. m., including 165,000 sq. m. in Thailand and 35,000 sq. m. in Vietnam. Total assets under ownership and management are projected to reach 2,900,000 sq. m. WHA Logistics also targets to divest assets of 142,000 sq. m. to WHART, worth THB 3,250 million.


Industrial Estate Business: At the end of 2022, total land sales reached 1,899 rai (1,793 rai in Thailand and 106 rai in Vietnam). The company also signed Memorandums of Understanding (MOUs) for an additional 899 rai (469 rai in Thailand and 430 rai in Vietnam), with 468 rai of outstanding backlog in Thailand to be transferred. The company recorded total revenue from the industrial estate business in Q4/2022 and the full year of 2022 at THB 4,428.2  million and THB 6,787.4 million, respectively.

Apart from overall economic recovery and increased investment in Thailand, WHA Industrial Estate has also benefited from the relocation, as many investors from countries such as China, Japan, and the United States moved their production bases to Thailand to mitigate the impact of the Sino-US trade war, the unrest between Ukraine and Russia, and Chinese political reforms that forced many industries to adopt a diversification strategy.

This trend underscores investors’ confidence in Thailand’s potential as a strategic production and investment hub of the region. Thailand’s resilient supply chain and well-developed infrastructure will support investments in new industries, particularly the targeted S-Curve sectors such as electric vehicles, smart electronics, and digital technologies.

WHA Group is one of the leading industrial estate developer in Thailand and internationally, with a total area of 71,000 rai. It currently has 4,000 rai of land available for sale and is actively negotiating the sale of large land areas, with potential total sale of over 3,000-4,000 rai. The company caters to a wide range of industries, including automobile, consumer products, electronics, and many more.

WHA Group has 11 industrial estates under operation in Thailand, including WHA Rayong 36 Industrial Estate (1,280) fully completed in 2022. There are 2 upcoming industrial estates. WHA Industrial Estate Rayong – Phase 1 (1,100 rai) started construction last October, while WHA Saraburi Industrial Land 2 (2,400 rai) is expected to start construction in 2026. There are also 2 expansion projects, specifically WHA Eastern Seaboard Industrial Estate 4 Expansion (570 rai) and another 400-rai expansion of WHA Rayong 36 Industrial Estate.

WHA Industrial Estate is accelerating its business in Vietnam, in response to the country’s strong economic growth and attraction of foreign investment. As of the end of 2022, the company had already sold 106 rai of land and signed MOUs for an additional 430 rai. Currently, the company operates 1 existing industrial zone and 2 upcoming projects representing a total of 20,950 rai. These projects are part of the company’s long-term investment strategy in Vietnam.

The confidence that investors have in the company will led to a sales target for 2023 of 1,750 rai in Thailand and Vietnam combined, which is nearly equal to the previous year and represents a growth rate double that of 2021.

WHA Industrial Zone 1 – Nghe An phase 1 (900 rai), is completed and well-equipped with the highest quality infrastructure, utilities and environmental care. Seventy-seven percent of Phase 1 is leased to customers whose activities span across sectors such as automotive parts, consumer products, materials, and electronics. With sustained high demand for industrial land, the company is accelerating the development of subsequent phases with construction of Phase 2 (2,215 rai) underway.

In addition, WHA Group has signed Memorandums of Understanding (MOUs) with local authorities in Vietnam for the development of two additional industrial zones. The first is ‘WHA Smart Technology Industrial Zone – Thanh Hoa,’ covering 5,320 rai in Thanh Hoa province. Construction is scheduled to commence in 2024 or early 2025. The second is the ‘WHA Smart Eco Industrial Zone – Quang Nam,’ covering 2,500 rai, located in the central region between Danang and Quang Ngai Provinces. License approvals are expected in 2026 or 2027, construction activity can start immediately thereafter.

Regarding BIG WHA Industrial Gas Co., Ltd (BIG WHA), a joint venture with Bangkok Industrial Gas Co., Ltd (BIG), the company plans to expand its product range to include higher-value products and services, such as the supply of nitrogen gas, which will be extended to other industrial estates beyond the Eastern Seaboard Industrial Estate (Rayong), as well as to other types of industrial gas.

In 2023, WHA will expand its services by offering underground fiber optic service (FTTx) to telecom operators including AWN, True, and Dtac in 11 WHA Industrial Estates in Thailand. The company will also rent out spaces on telecom towers to install necessary devices for receiving and broadcasting network frequencies like 5G in 3 industrial estates, with plans to expand to other industrial estates throughout the year.


Utilities Business (Water): In 2022, WHA’s utilities business showed stronger performance  compared to the previous year, and the company was able to recognize revenue from utilities business in Q4/2022 and for the full year of 2022, totaling THB 604.5  million and THB 2,548.5 million, respectively. The company’s total volumes of utilities sales and management both domestic and overseas in Q4/2022 and the full year 2022 reached 33.6 million cubic meters and 145.3 million cubic meters, respectively.

In Q4/2022, domestic water sales slightly decreased with 25.9 million cubic meters compared to the same period last year, due to lower sales in industrial water and lower volume of wastewater treatment. However, the sale of value-added products has significantly increased following the commercialized operations (COD) of WHAUP AIE in October 2022.

Additionally, increasing water demand from customers in the power sector also contributed to sales growth, resulting in an overall full-year 2022 domestic sales of water supply and water management reaching 116.8 million cubic meters, an overall improvement from the previous year. This growth reflects the company’s commitment to delivering the complete utilities solutions of value-added products, raw water, and wastewater treatment.

In Q4/2022 and throughout 2022, the total water sales in Vietnam, according to shareholding, amounted to 7.7 million cubic meters and 28.4 million cubic meters, respectively, which marks a significant improvement from the previous year. This growth was largely driven by an increase in water sales volume from the Duong River, which benefited from Vietnam’s economic recovery following the country’s reopening. Additionally, the company was able to expand its customer base and increase water supply coverage to new areas.

In response to the growing demand for water usage, the company has recently opened a new water production and treatment facility with a total capacity of 3.3 million cubic meters per year, located within the WHA Rayong 36 Industrial Estate. Additionally, the company will start construction of a new water treatment plant and wastewater facility in WHA Industrial Estate Rayong (WHA IER), with a total capacity of 5.8 million cubic meters per year.

With regard to alternative raw water strategy that the company targets to increase the sources of supply of water, there are two identified projects, with total water capacity of 10 million cubic meters per year. The first raw water project that will support WHA Rayong 36 Industrial Estate and WHA Rayong Industrial Land has already been commissioned, whereas the second project at WHA Eastern Seaboard Industrial Estate 4 will start construction during 1Q/2023.

Looking forward to 2023, the company has set a target of reaching total sale of 168 million cubic meters for both water supply and wastewater management. This figure will be divided between domestic water sales and water management, with a target of 135 million cubic meters, and the sale of water for utilities business in Vietnam, where the company currently has 3 operational projects, with a target of 33 million cubic meters.


Power Business: The company plans to expand its power portfolio, especially in renewable energy segment. In Q4/2022 and for the full year of 2022, the company recognized normalized share of profits from investments in joint ventures and associates, excluding gain/loss from exchange rate and revenue from solar business at THB 231.2 million and THB 804.7  million, respectively.

When considering the Q4/2022 earning results, normalized share of profits from the power business experienced a year-on-year decline due to lower contribution from IPP power plant, as a result of shutdown maintenance and higher coal cost of GHECO-One. However, there are several positive factors contributing to Q4/2022 performance, including an increase in share of profits from the SSP power plant, which was impacted by an increase in the Ft value and the lower cost of natural gas.

In Q4/2022 and for the full year of 2022, the company recognized revenue from solar business at THB 153.7 million and THB 331.6 million, respectively. It signed an additional 31 solar rooftop contracts comprised of 26 Private PPA, with cumulative power capacity of 41 MW, and 5 EPC service projects, with cumulative power capacity of 9 MW. As a result, the company had a cumulative signed PPA of 133 MW at the end of 2022. Moreover, the company was able to commercialize an additional 37 MW of solar power to customers. This has brought the company’s solar power cumulative commercialized capacity to a total of 94 MW.

In 2022, The company signed a contract with Ford Motor Company for the installation of a solar carpark with capacity of 7.7 MW on total area of 32,200 sq. m.  The project is located at WHA Eastern Seaboard Industrial Estate 1 and has become the largest solar carpark in Thailand. This landmark project has pushed the company’s cumulative singed PPA to reach 683 MW of installed equity MW at the end of 2022.

As part of its long-term strategy to focus on smart and innovative solutions, the company has co-developed, with PTT and Sertis, the Renewable Energy Exchange (“RENEX”), a Peer-to-Peer Energy Trading platform based on Blockchain technology.

RENEX has been offered to customers and industrial users within WHA industrial estates. Currently, 54 leading customers from three WHA industrial estates – WHA Eastern Seaboard Industrial Estate 1 (WHA ESIE 1), WHA Eastern Seaboard Industrial Estate 2 (WHA ESIE 2), and Eastern Seaboard Industrial Estate (Rayong) – are using the platform. The company is also conducting studies and developing a carbon credit trading feature to incorporate into the platform. Initially, this will involve registering solar projects in the Thailand Voluntary Emission Reduction Program (T-VER) and International Renewable Energy Certificate (I-REC).

The company aims to enlarge its portfolio in Thailand, to expand in Vietnam and to explore new market overseas. It will adhere to innovative and sustainable practices while seeking new opportunities with new S-curve businesses such as Battery Energy Storage Systems (BESS), Hydrogen, Carbon Trading and Carbon Capture Utilization and Storage (CCUS). We also aim to adopt new technologies and innovations into our business practices continuously.

WHA’s target cumulative signed Power Purchase Agreements (PPAs) based on equity MW for 2023 is 847 MW, up from 683 MW in 2022. Its portfolio will include 547 MW for conventional power, 133 MW for solar energy and 3 MW for industrial waste to energy. Renewable energy projects will be further developed, with a target of cumulative signed PPAs at 300 MW by the end of 2023.


Digital Business: WHA Group is committed to leading digital transformation and aims to become a tech company by 2024. The journey will include the restructuring of its organization, new strategies, upskilled human capital, innovative corporate culture, and business process improvement to gain competitive advantages and to thrive in the digital era. It will incorporate various technologies to improve its capabilities in reaching out to customers, as well as creating new value-added products to enhance customer satisfaction.

In addition, WHA is actively promoting digital transformation initiatives within WHA Group, by empowering business operations to enhance productivity, efficiency, accessibility, and digital security. Spearheaded by WHA Digital, collaborative projects across business units have been initiated such as corporate dashboard for solar monitoring, big data and analytical tools, automated systems, IoTs and smart devices which are currently being explored and developed.

WHAbit and META W are among the first products branded under WHA Digital. Launched in 2022 to promote digital healthcare and corporate wellness, the second version of WHAbit will be release in Q2/2023 with improved data visualization and personalized care.

WHA Digital also aims to launch META W, the first Industrial metaverse designed to enhance customers’ experience, create new opportunities, and strengthen its businesses in the digital era. Under the concept of digital twin, META W will be able to offer virtual tour of WHA Group, create new business models, as well as to provide immersive monitoring experiences. Going forward, WHA Digital plans to expand its products and services to be offered to customers both inside and outside WHA Group’s ecosystem.

WHA Group has recently announced 2023 business goals under a new corporate branding “The Ultimate Solution for Sustainable Growth”. In line with this strategy, the company plans to invest a total of THB 68.5 billion over the next 5 years, from 2023 to 2027. The investment budget will be allocated to WHA Logistics, WHAID, WHAUP, and WHA Digital, amounts to THB 17 billion, THB 29 billion, THB 1.85 billion, and THB 4 billion, respectively. The goal is for WHA to achieve normalized revenue and share of profits of THB 100 billion over the 5-year period (2023 – 2027).

To fortify its branding position, WHA Group has recently been recognized by S&P Global among the three companies in real estate industry from Thailand to be listed in the S&P Global Sustainability Yearbook 2023. Moreover, WHA Group has been honored Industry Mover for the Real Estate Industry among assessed companies across the globe.

These recognitions demonstrate WHA Group’s commitment to developing sustainable growth for its business and building positive changes for the environment, society, and the country’s economy. In addition, WHA Group has received numerous awards in 2022, including Thailand’s Best Managed Companies 2022 and the Thailand Corporate Excellence Awards 2022 in the Excellence Management category.

Meanwhile, Ms. Jareeporn Jarukornsakul, Chairman and Group CEO of WHA Group, has been recognized with several awards. She was named Thailand Top CEO of the Year 2022 in the real estate sector, bestowed the IEEE PES Women in Power Award 2022 designated to female executives who play an important role in the development of energy sector on her contributions in relations to promoting clean and renewable energy among the industrial users and setting industry guidelines towards sustainability. This is in line with the Group’s commitment to bring “The Ultimate Solution for Sustainable Growth”.

In addition, Ms. Jareeporn recently received the Prime Minister’s Digital Awards 2022, under the Digital Entrepreneur of the Year category. The award has been offered to visionary entrepreneurs or high-impact executives who propelled the development and application of technology and digital transformation.