Natthapatt Tanboon-ek, Group Chief Financial Officer at WHA Corporation Public Company Limited (SET: WHA), stated that the company remains committed to driving its 2025 performance to a new all-time high for the fourth consecutive year.
WHA anticipates its normalized total revenue and share profit to exceed THB 20 billion, representing a 35% growth from THB 14.3 billion in the previous year. This optimistic outlook is underpinned by robust expansion across all business segments.
WHA aims to achieve an EBITDA margin not less than 45% and maintain a net interest-bearing debt-to-equity ratio (NET IBD/E) of less than 1.2 times. Additionally, the company will reduce its investment budget in 2025 to THB 18 billion, down from the prior THB 20 billion, as some logistics projects are experiencing launch delays.
For the industrial estate segment, WHA has set a land sales target of 2,350 rai in 2025, slightly down from 2,535 rai in 2024. Most of this will come from land sales in Thailand, exceeding 2,000 rai, while sales in Vietnam are expected to be below the 650-rai target. However, the value of land sales is projected to increase by 10% from 2024 levels.
In the first half of 2025, the company recorded land sales of over 1,100 rai, amounting to more than THB 6.06 billion, and transferred land ownership of 1,143 rai worth THB 5.49 billion. Backlog sales awaiting revenue recognition stand at 1,467 rai, valued over THB 7.69 billion, with contracts pending (LOI/MOU) for more than 1,427 rai, valued at over THB 8.07 billion.
The largest clients are from the electrical appliances and automotive tire sectors, encompassing over 1,000 rai, with contracts expected to be signed in the second half of 2025.
WHA’s four key customer segments include automotive, electrical appliances and electronics, consumer products, and the rapidly growing data center group, with major clients originating from China, the United States, Japan, Thailand, and Europe, Natthapatt explained.
In 2025, WHA aims to add 200,000 square meters of new lease contracts, up from about 160,000 square meters in 2024. In the first half of 2025, new contracts totaled 123,237 square meters, with 31,729 square meters pending processing.
The company also maintains its target of selling 70,000 square meters of assets to WHA REIT in 2025, worth approximately THB 1.5 billion. In the first half, 32,500 square meters worth THB 808 million were sold into the trust, with more sales planned for the second half.
For its new business, Mobilix, which provides large-scale EV car rentals, WHA has revised its target for vehicle leases down to 539 units from an initial target of 1,700 units, citing delivery delays.
For the development of WHA Eastern Seaboard 5 Industrial Estate in Rayong province, covering nearly 4,000 rai, progress has reached 30%, and the project continues to attract significant customer interest.
In the utilities and power business for 2025, WHA targets water sales and management volume at 166 million cubic meters, similar to 2024 levels, and aims to secure power purchase agreements (PPA) for 1,185 megawatts, up from 965 megawatts in 2024.
