WHA Group Reports Strong 3Q23 Performance with 141% Profit Increases

  • WHA Group Reports Strong Q3/2023 Performance with Profit Increase 141% (YoY)
  • Green Light for Dividend Payment of 0.0669 Baht Per Share
  • Expect to Close the Year with Revenue from Land Sale and Asset Monetization Contributed to REIT


WHA Corporation PCL (WHA Group) has announced three good news, showing outstanding Q3/2023 performance with total revenue and share of profits of THB 2,745 million and net profit of THB 623 million, an increase of 141% YoY. This is divided into normalized total revenue and share of profits of THB 2,706 million, and normalized profits of THB 609 million, an increase of 92% YoY. The growth has been driven by the success of 4 business hubs. Recently, the Board of Directors has approved an interim dividend payment for 2023 of 0.0669 baht per share. The XD will be posted on 22 November 2023 and the payment is scheduled on 8 December 2023.

The Group CEO Ms. Jareeporn Jarukornsakul said the company is likely to achieve its targeted total land sale of 2,750 rai, signaling a positive outlook for steady growth in the fourth quarter due to the revenue recognized from land sale of 250 rai to Changan Auto Southeast Asia Co., Ltd, one of China’s four leading automotive groups. The revenue from asset sales will be directed to REIT. Also, the company has received the highest rating of “AAA” in SET ESG Ratings 2023, marking the fourth consecutive year of inclusion into the lists of Sustainable Stock.


WHA Corporation PCL or WHA Group reported its Q3/2023 earnings with total revenue and share of profits amount to THB 2,745 million, an increase of 25%, and net profits of THB 623 million, an increase of 141%. This is divided into normalized total revenue and share of profits of THB 2,706 million, an increase of 21%, and normalized profits of THB 609 million, up 92% YoY.  

In the first nine months of 2023, the company’s total revenue and share of profits amounted to THB 8,434 million and net profits of THB 2,012 million. When considering regular performance, the company had normalized total revenue and share of profits of THB 8,277 million, an increase of 25%, and normalized profits stood at THB 1,932 million, an increase of 100% YoY.

The improvement in earnings reflects the company’s financial strength. As a result, the Board of Directors has approved an interim dividend payment for the first 9 months, amounting to 0.0669 baht per share, with the XD date set for 22 November, and the dividend payment is scheduled for 8 December. This is in line with our ‘A-‘ credit rating and ‘Stable’ outlook, highlighting the company’s consistent and strong growth across its four business hubs, both in Thailand and Vietnam. This also indicates the company’s strong capabilities in financial management, allowing it to maintain financial stability. These capabilities include the monetization of assets into REIT, and sourcing capital from both the equity market and financial institutions, including the issuance of Sustainability-Linked debentures with a total value of THB 1 billion to support future business expansion.


Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation PCL or WHA Group, said the overall performance for the first 9 months of 2023 had shown remarkable growth, driven by all four business hubs including logistics, industrial development, utilities (water and power), and digital solutions, which have expanded in response to the growing trends in investment and production bases relocation which has attracted long-term investments, both domestically and internationally. It reflects WHA Group’s commitment to pursuing its ‘Mission to The Sun’ to become a Technology Company in 2024. These factors have had a positive impact on the performance of all four business hubs.


Logistics Business has achieved outstanding performance by securing new lease contracts with both short-term and long-term customers and has also successfully delivered leased spaces to customers according to the plan. In the first nine months, the company signed lease contracts for Built-to-Suit and Ready-Built Factories and Warehouses an additional 81,196 square meters. The company also secured short-term lease contracts with high returns for a total of 142,255 square meters, surpassing the full-year target of 100,000 square meters. At present, the company owns and manages a total of 2,845,132 square meters of warehouse space. Given the continuous high demand for high-quality warehouse space, therefore, in both Q3/2023 and the first nine months of 2023, the company could recognize revenue from its rental property business at THB 286 million and THB 798 million, respectively.

Following the success of the high-quality warehouse and distribution center in Phase 1 of the WHA Mega Logistics Center Theparak KM. 21, which has a land area exceeding 400 rai, there is a need to accelerate the development of Phase 2 to accommodate the constant demand for leased space. Most recently, Webasto Co., Ltd, a major automotive component supplier, signed a Built-to-Suit Warehouse lease contract for an area of 13,083 square meters within Phase 2. Several other customer groups, including consumer product manufacturers, distributors, and 3PLs, are currently in negotiations. The company anticipates that these customers will finalize their lease contracts within this year.

Furthermore, the company is planning to develop Built-to-Suit Factories (expansion phase) for customers in the electric vehicle battery manufacturing industry within the WHA Chonburi Industrial Estate 1. This expansion aims to meet the growing demand for Built-to-Suit Factories, similar to the WHA Mega Logistics Center at KM. 23 (in bound), with a total leased area of 46,000 square meters, which has garnered significant interest from customers. Currently, several customers have already signed lease agreements. For instance, Dynapac Road Equipment (Thailand) Co., Ltd, a leading machinery manufacturer for road construction, has signed a lease agreement to develop a Built-to-Suit Showroom for product display. Furthermore, discussions are underway with 3PLs and consumer product distributors regarding potential rental space in this project.

“The company is also dedicated to developing modern office building projects for lease. Currently, there are five office building projects with a total space of more than 120,000 square meters. Besides, new projects are coming up including the Quant Sukhumvit 25, the 7-storey office building, located in the Sukhumvit-Asoke area, with a commercial area spanning 9,900 square meters. The construction of this project has already been completed, and tenants have started signing agreements and moving in. Furthermore, there is a mixed-use building project with over 3,000 square meters in the business district near the Surasak BTS Skytrain station. It is expected to be completed in early 2024. Lastly, a Built-to-Suit Medical Center Project with an area of more than 6,900 square meters has been signed with a tenant, and the construction has already started in May this year.”

WHA Group is still committed to business expansion to cover the country’s strategic locations while also seeking new investment opportunities in Vietnam. The company is planning to develop the first warehouse for rent in Vietnam with an area of 35,000 square meters. The project is located in the northern part of Vietnam, near Hanoi city. Construction is expected to commence by the end of this year.

Concurrently, the company places a strong emphasis on sustainable business practices throughout its operations. This commitment can be seen in its pioneering Green Building and Green Logistics, which paves the way for the sustainable logistics operations, aiming for Carbon Neutrality and Net-Zero Carbon Emissions. The company is also in negotiation with several EV truck service providers and expects to sign lease contracts within this year.

Regarding the progress of the monetization of assets and/or leasehold rights to WHART, the unit holders of the WHART Trust have recently approved further property investments. The company aims to sell leased warehouse assets totaling approximately 142,583 square meters, with a total value of THB 3,567 million. It is expected to recognize the revenue within the 4th quarter of this year.


Industrial  Development Business, the growing trend of shifting investment and production base has resulted in the rising demand for industrial land areas from foreign investors. This trend has had a positive impact on WHA Group’s industrial development business, reaffirming WHA Group’s leadership position in industrial development in Thailand. Furthermore, the company is actively expanding its business in Vietnam to ensure continuous growth. In the first 9 months of 2023, the company reported total land sales of 2,032 rai (1,617 rai in Thailand and 415 rai in Vietnam) and signed Memorandums of Understanding (MoUs) for an additional 991 rai (561 rai in Thailand and 430 rai in Vietnam). In Q3 and the first 9 months of 2023, the company achieved total revenue from its industrial development business amounting to THB 1,012 million and THB 3,535 million, respectively.

The surge in land sales reflects Thailand’s investment direction, influenced by the trend of investment and production base relocation into the Southeast Asian region. This shift has been driven by the U.S.-China Trade War as well as global geopolitical issues such as the Russia-Ukraine war and the Israel-Hamas conflict. As a result, more foreign investors, including those from China, Japan, Taiwan, and the United States, are shifting their investments to Thailand. At the same time, the need for production base expansion has contributed to attracting long-term investments. As of the end of Q3/2023, the company has a backlog of more than 1,493 rai (1,252 rai in Thailand and 241 rai in Vietnam).

At present, WHA Group operates 12 industrial estates in Thailand, all poised to support investors’ needs, including the new WHA Industrial Estate Rayong, Phase 1 (1,100 rai) which is under construction. Some customers have already signed land purchase agreements and/or made reservations. Among them are automotive part manufacturers and consumer goods producers and distributors. The company anticipates that more clients will sign agreements or make reservations for over half of the Phase 1 project area by the end of 2023, prompting the company to accelerate the development of Phase 2 (1,100 rai) soon. In addition, WHA Group plans to construct WHA Saraburi Industrial Land 2 (2,400 rai). The construction is expected to commence in 2026. Furthermore, the company has also expanded three industrial estate projects: WHA Eastern Seaboard Industrial Estate 3, Phase 3 (630 rai), WHA Rayong 36 Industrial Estate (480 rai), and WHA Eastern Seaboard  Industrial Estate 4, Phase 3 (330 rai).

Most recently, the company has concluded a big deal by signing a land purchase agreement with Changan Auto Southeast Asia Co., Ltd., one of China’s four leading automotive groups. The agreement covers 250 rai of land within the WHA Eastern Seaboard Industrial Estate 4. The project received support from the Board of Investment (BOI) for the establishment of an electric vehicle (EV) manufacturing plant in Thailand to produce various types of EVs, including BEV, PHEV, and REEV (Range Extended EV), with an annual production capacity of 100,000 vehicles. There are also plans to establish EV battery manufacturing plants. This land sale not only highlights Thailand as a prominent manufacturing hub but also has the potential for establishing research and development centers for automotive in the future.


In the first nine months of 2023, WHA Group has successfully secured a total land sale of 415 rai and signed MOUs for an additional 430 rai in Vietnam, as a result of the shifting of capital and Vietnam’s growing economy which is attracting foreign investments. The company currently operates one industrial estate, WHA Industrial Zone 1-Nhge An, Phase 1, covering 900 rai. Over 77% of Phase 1 has been sold to customers in various industries including automotive parts, food processing, construction materials, and electronics equipment. Given the high demand for industrial areas, WHA Group is thus accelerating the construction of Phase 2, which spans across 2,215 rai and is currently under construction. Leading global electronic equipment manufacturers have signed land lease agreements for over 300 rai, primarily used for manufacturing a wide range of electronic components. In Q3/2023, a large mobile device manufacturer from China has also reserved around 260 rai of land, mainly used in the production of camera lenses and related components. Various electronics equipment manufacturers have also reserved over 150 rai for setting up production plants within WHA Industrial  Zone 1-Nghe An Phase 2 as well.

Furthermore, the company has plans to develop two additional industrial zones, with a combined area of 20,950 rai (3,350 hectares). This includes the WHA Smart Technology Industrial Zone – Thanh Hoa, covering 5,320 rai. The Project Master Plan has recently been approved, and the construction is scheduled to commence in the latter half of 2024. Additionally, the WHA Smart Eco Industrial Zone – Quang Nam, covering 2,500 rai, is anticipated to secure licenses in 2026 or 2027, with construction set to begin upon obtaining these licenses.

“Due to the trend of investment and production bases relocation, coupled with the significant land price rise, and the rise in demand for industrial areas from foreign investors, especially the electric vehicle manufacturers, electronics equipment producers, and consumer goods distributors, the company anticipates additional land purchase agreements to achieve the original target of 2,750 rai as promised.”


Utilities Business (Water), the company’s continuous growth is reflected in its revenue from the overall utilities business for Q3 and the first nine months of 2023, totaling THB 713 million and THB 2,142 million, respectively. Besides, the company has total water sales volume and management both domestically and internationally, reaching 41.4 million cubic meters and 116.7 million cubic meters for Q3 and the first nine months of 2023, respectively, showcasing growth in sales and water management both domestically and internationally.

In the third quarter of 2023, there was an increase in the volume of domestic water sales, totaling 32.1 million cubic meters, driven by the overall sales growth across all products especially in raw water and value-added water. This growth was driven by the rising demand from energy sector customers including Gulf SRC, Gulf TS3, and TS4. Also in the third quarter, the construction of a Premium Clarified Water production plant was completed and started distributing water to major customers within the WHA Eastern Seaboard Industrial Estate 4. The contract involves an annual volume of 2.9 million cubic meters, with a total estimated value of approximately THB 1,800 million.

The volume of water sales and management in Vietnam during the third quarter and the first nine months of 2023 increased to 9.2 and 24.5 million cubic meters, respectively. The growth is driven by increased water sales in the Duong River project due to the customer base expansion and the growing demand from existing customers in line with Vietnam’s economic growth. As a result, the company recognized a share of losses from the Duong River project in the first nine months of 2023, amounting to THB 1.8 million, declining from the same period in 2022 which recognized a share of losses of THB 90.2 million. It is expected that water sales and management in Vietnam will continue to grow further as operations of customers within the WHA Industrial Zone 1-Nghe An expand, along with the company’s industrial development business in Vietnam.


Power Business, the company can recognize its normalized share of profits from investments in associates and joint ventures, excluding accounting gains/losses from exchange rates, and revenue from the solar power business in the third quarter and the first nine months of 2023, amounted to THB 503 million and THB 1,186 million, respectively. When considering the business performance for Q3/2023, the normalized share of profits from the power business has seen a year-on-year increase due to the recognition of profits from SSPs power plants. The margin derived from power sales to industrial customers has also risen year-on-year, driven by the increase in natural gas costs as reflected in the upward trend of Ft, while the natural gas costs have been on a continuously declining trend.

For the solar power business in Q3/2023, the company signed nine new solar projects, of which six were Private PPA contracts with the installed capacity of 12 MW, and three were EPC Service contracts with the capacity of 0.8 MW. The new contracts drove the company to have the total accumulated Private PPA contracts to 179 MW at the end of Q3/2023, and the commercial operations of solar power plants were approximately 104 MW, resulting in a total of installed capacity of 730 MW equity.

“The company continues to focus on expanding the installation of solar power projects. Recently, we have reached an agreement with AutoAlliance (Thailand) Co., Ltd to install the Floating Solar project with the electricity-generating capacity of 8 MW, covering an area of 60,000 sq m. It is expected that the project will start COD by the third quarter of next year and the installation of Floating Solar system will help AAT using clean power and reducing carbon dioxide emissions up to 5,400 tons per year”.

Regarding the investment in solar power projects that have been selected by the Energy Regulatory Commission, the company has been granted rights to develop five renewable energy power plants under a Feed-in Tariff (FiT) scheme Phase 1 with the combined installed capacity of 125.4 equity MW. The five projects are in the process of Power Purchase Agreements (PPA) signing, which is due to occur early 2024 with the commencement of COD during 2029-2030.

Furthermore, the company remained committed to expanding its power business in Thailand and Vietnam, as well as exploring opportunities in new markets with a focus on environmentally friendly clean and renewable energy projects. This also involves the adoption of new technologies and innovations in its business operations. This is exemplified by the successful collaboration with its partners, PTT and Sertis AI Energy Co., Ltd, under the joint venture “RENEX TECHNOLOGY” to develop and operate the Peer-to-Peer Energy Trading Platform, which will use Blockchain technology. Presently, 54 leading operators have expressed their interest in joining the energy trading platform.


Digital Business, WHA Group continues to move forward its “Mission To The Sun”, which comprises nine projects to develop new products and services, enhancing the development of organization and hum the use of resources for optimal benefit with the Group’s ecosystem an resources and leading digital transformation to become a Technology Company in 2024. Currently, three projects have a clearly structured progress including the Green Logistics, which aims at promoting the use of green technology in logistics business to enhance the efficiency of energy consumption and lower logistics costs for the country in long term. Additionally, the Digital Health Tech involves the application development that facilitates comprehensive health management, while the Circular Economy project promotes the most beneficial utilization of resources within the company’s ecosystem such as turning industrial waste from one factory into raw materials for another or supplying industrial waste to waste-to-energy power plant.

With the strong commitment to driving sustainable business development, WHA Group has been one of the listed companies chosen as a Thailand Sustainability Investment Stock for three consecutive years from 2020-2022. This recognition reflects the company’s strong commitment to creating sustainable growth in line with the principles of Environment, Social, and Governance (ESG). Recently, the Stock Exchange of Thailand has rebranded THSI (Thailand Sustainability Investment) to SET ESG Ratings. WHA Group has received the highest rating of “AAA” in SET ESG Ratings 2023, marking the fourth consecutive year of inclusion into the lists of sustainable stock. It underscores the company’s dedication to conducting business with a focus on sustainability, both in terms of risk and opportunity management, competitiveness, and recognition by stakeholders. These factors directly relate to the company’s capability to achieve long-term sustainable business growth.


Besides, the company recently grabbed six Eco Industrial Town awards at the “Eco Innovation Forum 2023”, the biggest seminar and forum on environmental innovations in Thailand held by the Industrial Estate Authority of Thailand (IEAT), in cooperation with the Water and Environment Institute for Sustainability and the Federation of Thai Industries. These awards serve as a testament to the success of WHA Group’s industrial development business and reinforce the company’s commitment to developing business hand in hand with environmental preservation, while creating a sustainable community, under its “The Ultimate Solution for Sustainable Growth” mission.

Furthermore, the recent successful issuance of Sustainability-Linked debentures No. 2/2023 with total value of THB 1 billion has been able to address the demand from institutional investors and High-Net-Worth investors. This reflects investor confidence in the company and its alignment with the “WHA: WE SHAPE THE FUTURE” mission to build sustainable growth. The proceeds from the debenture offering will be used to repay existing debts and/or serve as working capital to support the company’s operations.