WHA Corporation Public Company Limited (SET: WHA) announced a strong 19.1% year-over-year surge in third-quarter net profit to THB 755.7 million, bolstered by high-margin land transfers and expanding renewable energy operations. Total revenue and share of profit for 3Q26 rose 5.2% year-over-year to THB 2,819 million, while normalized net profit—excluding foreign exchange impacts and non-recurring items—grew 15.0% to THB 734 million.
Key Financial Highlights
- Net Profit: THB 755.7 million (+19.1% YoY)
- Total Revenue & Share of Profit: THB 2,819.2 million (+5.2% YoY)
- Normalized Net Profit: THB 734.1 million (+15.0% YoY)
- Interim Dividend: Cash dividend of THB 0.0669 per share
Segment Analysis
The industrial land division served as the primary growth engine, with combined revenue and share of profit escalating 54.7% YoY to THB 905.8 million. Although total land transfers reached 159 rai compared to 220 rai in 3Q25, profitability expanded significantly because all transferred parcels were wholly owned by the company, boosting the adjusted gross margin to 54.8%.
The power business advanced 11.2% YoY to THB 478 million, driven by a 37.1% jump in solar revenues to THB 167.1 million and improved operational efficiency at the Gheco One IPP plant. Meanwhile, rental property and mobility revenue gained 4.6% YoY to THB 576.4 million. Conversely, utilities revenue contracted 20.6% YoY to THB 803 million due to lower capacity charges, despite a 9.9% increase in domestic water sales volume to 43 million cubic meters.
Earnings quality remained robust as lower financing costs supported bottom-line growth. Finance expenses declined 9.2% YoY to THB 303.9 million as the weighted average cost of funds fell to 2.58% from 3.12%. The effective tax rate dropped to 5.3%.
WHA maintained a solid balance sheet with total assets rising to THB 108.1 billion and a net debt-to-equity ratio of 1.1x. Reflecting strong cash generation, the board approved a cash interim dividend of THB 0.0669 per share, payable on December 11, 2026. The ex-dividend date is November 26, 2026.
Management enters the fourth quarter with strong revenue visibility, supported by an industrial land backlog of 1,638 rai and 440 rai under MOUs. Growth will be further catalyzed by asset monetization, including the planned Q4 revenue recognition of a THB 1.24 billion property sale to WHAIR, following the THB 2.51 billion asset transfer to WHART in October.
