Bangkok, Thailand – WHA Corporation Public Company Limited (WHA Group) showcases a strong performance for the first 9 months of 2025, reporting normalized total revenue and share of profit of THB 11,987 million Baht, an increase of 20% (Y-Y). Normalized net profit surged to THB 3,787 million, up 14% (Y-Y). The Board of Directors also approved an interim dividend payment of 0.0669 Baht/share. The XD sign will be posted on 27 November. Chairman of the Executive Committee and Group Chief Executive Officer of WHA Group Jareeporn Jarukornsakul signals closing deals with major industrial customers, including the Data Center businesses, interested in investing in WHA industrial estates up to 1,000 rai. WHA Group strives to strengthen the country’s position as a regional hub leader in digital and modern technology, including utilities, energy security, and renewable energy, and workforce expertise that fully meets all dimensions.
WHA Corporation Public Company Limited (WHA Group) reported its operating results for the first nine months of 2025, reporting total revenue and share of profit amounted to THB 12,079 million and net profit of THB 3,690 million. Considering the normalized performance, the company recorded normalized total revenue and share of profit of THB 11,987million, an increase of 20%. Normalized net profit was THB 3,787 million, an increase of 14% (Y-Y). For Q3/2025, the company reported total revenue and share of profit amounted to THB 2,681 million, a decrease of 16% and net profit of THB 634 million, an increase of 38% (Y-Y). Considering the normalized performance in 3Q/2025, the company recorded normalized total revenue and share of profit of THB 2,662 million and normalized net profit was THB 638 million.
Furthermore, the Board of Directors meeting resolved to approve an interim dividend payment for the first nine months of 2025 at a rate of 0.0669 Baht per share, with the XD date set for 27 November. The dividend payment date is scheduled for 12 December 2025. The company was also assigned an "A-" corporate credit rating with a "Stable" outlook by TRIS Rating. This reflects the company's stable revenue structure, as well as the flexibility and strength of its financial position across its five business groups: Logistics, Industrial Development, Utilities&Power, Digital, and Mobility.
Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Group, stated that the group's outstanding growth is driven by its strategy of organizational movement through its five core businesses comprising:
Logistics Business: In the first 9 months of 2025, the company signed new Built-to-Suit projects and ready-built factory/warehouse leases totaling 154,012 sq.m., with a total contract value of THB 1,739 million. The company also secured short-term leases with high returns totaling 73,407 sq.m. WHA Group holds and manages a total warehouse area of 3,175,486 sq.m. In 3Q/2025, the company signed new Built-to-Suit projects and ready-built factory/warehouse leases totaling 30,775 sq.m..
Recently, the company is in the process of signing contracts with several major clients, including logistics service providers, consumer goods manufacturers and distributors, as well as healthcare service providers. These contracts cover a total area of over 44,000 sq.m. with combined contract value around 1,400 million baht. The company expects to sign agreements with these customers by the end of this year.
“The high demand for warehouse space is reflected in the WHA Mega Logistics Center Bangna-Trad Km. 23 (Inbound) and WHA Mega Logistics Center Theparak Km. 21 projects are almost fully leased. As a result, the company is moving forward with the development of additional projects, such as WHA Mega Logistics Center Theparak Km. 21 (Phase 3) and WHA Mega Logistics Center Chonlaharnpichit Km. 4 Project 2, for which construction began since October. Meanwhile, the first logistics center in Vietnam, located within Minh Quang Industrial Park, Hung Yen province, has received a positive response from customers, with an additional 7,114 sq.m. of space leased in Q3/2025.
The company plans to sell assets and/or leasehold rights to the WHA Premium Growth Real Estate Investment Trust (WHART) again in Q4/2025. This is in line with the full-year target for asset sales into the REIT is approximately 70,000 sq.m. with estimated value around THB 1,500 million.
Industrial Development Business: In the first 9 months of 2025, the company achieved total land sales of 1,258 rai, a high level Memorandum of Outstandings (MOUs) totaling 1,806 rai, and land transfers of 1,363 rai. The overall industrial development business continues to benefit from the relocation trend of investment/production bases to Southeast Asia, which is line with the continued growth in BOI investment promotion applications during the first nine months of 2025 continued to grow, driven by the digital, electronics, and electrical appliance industries. This aligns with the digital economy trend and the rising demand for advanced technology equipment. In 3Q/2025, the company achieved total land sales of 154 rai, and land transfers of 220 rai. As of Q3/2025, the company's backlog of land sales awaiting to transfer to customers reached 1,400 rai.
“WHA is continuously negotiating with leading customers from various industries, especially the Data Center, which has a combined land demand of up to 1,000 rai. This strengthens Thailand's leadership as a regional hub for digital and modern technology”.
WHA Group has a total of 17 industrial estates in Thailand and Vietnam. In Thailand, there are 6 industrial estate projects under construction and development, totaling 10,190 rai. The latest project, WHA Eastern Seaboard Industrial Estate 5, with a total area of 6,370 rai, has attracted significant customer interest, is currently under development, and is expected to transfer the first land plot in Q1/2026. In Vietnam, the company has developed industrial zones cover 4,241 rai (678.5 hectares), including WHA Industrial Zone 1 – Nghe An in Nghe An province and WHA Smart Technology Industrial Zone 1 – Thanh Hoa in Thanh Hóa province.
Utilities (Water) Business: The Utilities business continues to grow. Total volume of water sales and management, both domestic and international, for Q3 and the first 9 months of 2025 amounted to 40.4 million cubic meters and 120.7 million cubic meters, respectively. In Thailand, water sales volume for Q3 and the first 9 months of 2025 was 30.3 million cubic meters and 92.0 million cubic meters, respectively. While a slight decrease in water sales to the power plant and petrochemical customers, the volume of value-added water products sold increased significantly by 28% (YoY) due to demand from new customers. The company also recognized a one-time charge revenue of THB 272 million from customers who required water consumption exceeding their allocation. Vietnam showed outstanding expansion, with the total proportional water sales volume in Q3 and the first 9 months of 2025 amounting to 10.0 million cubic meters and 28.6 million cubic meters, respectively. This growth is driven by the increasing water sales volume of the Duong River project due to the expansion of service areas for existing and new customers.
Power Business: The solar power business, the company signed 10 new contracts in Q3/2025, with a total capacity of approximately 6 MW. This brings the cumulative number of signed Private PPA projects to 322 MW as of the end of Q3 /2025. Total equity-based power generation capacity stands at 998 MW, comprising 709 MW already in operation (181 MW of which is renewable energy) and 289 MW under development (all of which are renewable energy projects).
“In the first nine months of this year, the total solar power sales volume increased by 27% from the same period last year, with a continuous growth trend. Currently, the company has completed projects and those awaiting commercial operation of more than 100 MW. The company also continues to expand its investment in the renewable energy business both inside and outside WHA industrial estates.”
Digital Business: The company is moving forward to become a technology-driven organization by constantly promoting a culture of digital innovation and implementing Digital Transformation projects in all dimensions. It is also seeking new business opportunities, such as the development of Mobilix Software Solution, a platform for electric vehicle and battery management supporting the Mobility business.
Mobility Business: As of Q3/2025, a total of 377 electric vehicles had been rented. The company is focused on driving the mobility business, positioning itself as the first in Thailand to offer a Built-to-Suit EV ecosystem for logistics, covering a comprehensive electric vehicle ecosystem and end-to-end services under the Mobilix brand, incorporating three types of services: EV Rental Service, On-Premise & Public EV Charging Solutions, and Mobilix Software Solution, an intelligent digital platform for electric vehicle and battery management.
WHA Group's business commitment is reflected in its awards and achievements, including: being ranked in the Top 50of the ASEAN CG Scorecard for the first time, demonstrating success in ASEAN-level corporate governance. The company has also received the ‘Excellent’ or 5-Star rating in the Corporate Governance Report of Thai Listed Companies (CGR) survey for 2025 for the 8th consecutive year, and the EIA Monitoring Awards 2025 at the Outstanding level, emphasizing 5 core missions under its sustainability framework to move toward the Net Zero goal by 2050, in line with its mission, "WHA: WE SHAPE THE FUTURE".
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