TRIS Rating Reaffirms WHAUP’s “A-” Rating Reflecting Company’s Strong Business Outlook

WHA Utilities and Power Public Company Limited or WHAUP reveals that TRIS Rating has reaffirmed the company’s rating at “A-” with a “stable” outlook, reflecting the strengths of both utilities and power businesses.


Mr. Somkiat Masunthasuwun, WHAUP’s Chief Executive Officer, revealed that TRIS Rating maintained the company rating at “A-” with “stable” outlook, reflecting the company’s strong business operations as a subsidiary of WHA Corporation Public Company Limited and a sole utility provider at leading industrial estates of WHA Group. The company also has steady cash flow from the power business and strong financial positioning.

WHAUP’s CEO added that the overall utilities business outlook for the second half of the year is expected to further generate growth in both Thailand and Vietnam. Rising demand from customers, especially the power plant business, drove water sales in Thailand. While the water business in Vietnam has grown significantly due to growing water demand as a result of economic expansion and the increase of service areas for water supply.

For the power business, it is forecast that the profit sharing from the small power plant (SPP) business will continue to recover as the cost of natural gas will reduce while the recognition of revenue from solar rooftop projects in the second half of the year continues to increase due to the additional commencement of commercial operations (COD). Moreover, WHAUP will continue to grow its business with sustainability, through the implementation of innovations and new solutions to develop new products and services to serve customer needs while exploring new opportunities for New S-Curve businesses including Battery Energy Storage System (BESS) and carbon trading.