WHA Corporation Public Company Limited (WHA Group) has announced its business direction and targets for 2025, focusing on strong growth across 5 core business segments, including the latest WHA Mobility. The company anticipates continuous high profits in 2024, with total revenue and profit share of the group expected to reach 14.4 billion baht, an EBITDA margin exceeding 55%, and a net debt-to-equity ratio of less than 1.2 times. The 5-year revenue target is set at 150 billion baht, with a core strategy to expand its leadership in logistics development, comprehensive green logistics solutions, industrial estates, utilities and energy, and digital solutions, promoting innovation and technology comprehensively. The aim is to become a technology-driven organization while leveraging the company's potential to foster growth in the ASEAN region and advance towards becoming a high-performance organization in all dimensions, in line with the mission "WHA: We Shape the Future".

For the operational plan in 2025, WHA Group expects to generate revenue and profit share exceeding 20 billion baht while maintaining an EBITDA margin of over 45%. For the 5-year operational plan (2025-2029), WHA Group is preparing for expansion and long-term business sustainability with an investment budget of over 119 billion baht, aiming for revenue growth of approximately 2.9 times from 2024 and a net debt-to-equity ratio of less than 1.2 times.

Ms. Jareeporn Jarukornsakul, Chairwoman of the Executive Board and CEO of WHA Corporation Public Company Limited stated, “2025 is a crucial year for WHA Group's business expansion investments, driven by geopolitical factors that may intensify following President Trump's return, which could create investment opportunities in the ASEAN region, particularly Thailand, due to its strategic location as a hub for comprehensive Supply Chain. The readiness of infrastructure systems, energy security, including renewable energy, quality labor, and supportive government policies that benefit investors in key industries such as automotive, consumer products, electronics, data centers, smart electronics, and cloud services, will enable WHA Group to continuously develop comprehensive infrastructure systems and support investment while fostering sustainable growth to create added value and benefits for customers, partners, investors, and all stakeholders.”

For the business direction in 2025, WHA Group will continue to operate under 4 key strategies: Extend Leadership, accelerating continuous business expansion both domestically and regionally; Embrace Innovation and Technology, leveraging digital technology to create new businesses that represent a New S-Curve for the organization; Enhance the Prominence on Green and Sustainability, committed to achieving net-zero greenhouse gas emissions by 2050 and using resources efficiently to create value for society and the environment; and Build a High Performance Organization by developing and enhancing the organization in all aspects to become a high-performance organization.

  1. Logistics Business: In 2024, there was significant growth with a total area of 3,109,000 square meters, including 167,000 square meters of new projects. For 2025, the company plans to expand growth both in Thailand and abroad, particularly in Vietnam.
  • In Thailand, the company aims to expand its area to cover strategic locations in Bangkok and its vicinity, the EEC area, and secondary cities. In 2025, there are plans to expand significant projects in potential locations, including WHA Mega Logistics Center Chonharpichit Km. 4, Project 2 WHA Mega Logistics Center Theparak Km. 21 Phase 3, and WHA Mega Logistics Center Bangna-Trad Km. 23, totaling over 380,000 square meters. For Vietnam, the focus is on supporting high-growth industries such as e-commerce, consumer products, and industrial goods for export, with the first logistics warehouse project in Vietnam covering 37,000 square meters already completed and ready for service early this year. Additionally, in January 2025, the company signed a Memorandum of Understanding (MoU) with the local government of Thanh Hoa province to study the development of a logistics project in an area of 300 rai located near the main city and important infrastructure.
  • For WHA GC Logistics Co., Ltd. (WGCL), the goal is to elevate from 3PL to 4PL (Fourth-Party Logistics Provider) by leveraging the strengths and expertise of WHA and GC to create added value in the logistics business. Transitioning to 4PL is a key strategy that will help expand service scope from transportation and warehouse management (3PL) to planning, designing, and integrating comprehensive logistics systems to maximize efficiency for the company and customers.
  • In the Office Solutions segment, the company continues to expand office building projects in prime locations in Bangkok, currently totaling 6 projects covering more than 120,000 square meters. The latest project completed and opened in 2024 is the Qube Lifestyle Retail Space, covering 3,000 square meters adjacent to the BTS Surasak station. For 2025, new projects ready for service include a specialized medical center in the Sathorn area, covering over 6,900 square meters, expected to be completed in Q3/2025.

    • The target for 2025 is to increase managed assets to approximately 3,309,000 square meters, with new leasing projects of approximately 200,000 square meters and plans to sell lease rights of properties to the WHART trust totaling approximately 70,000 square meters, valued at approximately 1.5 billion baht.

    1. Mobility Business(Mobility): The first comprehensive green logistics solution in Thailand under the Mobilix brand was launched in 2024, consisting of 3 main services: Electric Vehicle (EV) Rental Service, providing comprehensive EV rental services; On Premise & Public EV Charging Solution, offering charging stations and related equipment for personal and commercial electric vehicles; and Mobilix Software Solution, a modern intelligent digital platform for managing electric vehicles and batteries.

    In 2024, the success included the rental of an additional 318 electric vehicles, strengthening partnerships with leading technology companies in the electric vehicle (EV) industry to enhance the EV ecosystem of the business, such as Voltality, EVMe, and Grab, and initiating commercial service collaborations with SHARGE, a leader in creating the EV Charging Ecosystem, with the construction of charging stations with a capacity of 5,400 kilowatts.

    Mobilix aims to provide a total of 20,000 EV rentals in the next 5 years, supported by strategies to strengthen partnerships within the EV ecosystem, efficient management of expired electric vehicles and batteries, and excellence in comprehensive service with flexibility to meet customer needs. In 2025, it is expected that there will be over 1,700 EVs under the rental service.

    1. Industrial Estate Business: In 2024, the company sold a total of 2,565 rai of land, divided into 2,453 rai in Thailand and 112 rai in Vietnam, with total land transfers of 2,070 rai, including 1,727 rai in Thailand and 343 rai in Vietnam. Notable clients include Google, which signed a land purchase agreement to build the first Data Center in Thailand, and Haier to build a new comprehensive air conditioning manufacturing plant. As of the end of 2024, the company has a total of 15 industrial estates, with 14 located in Thailand and 1 in Vietnam. The company has 7 industrial estate projects under construction and awaiting development in Thailand, covering 8,810 rai to meet the increasing land demand from investors. In Vietnam, expansion continues with 2 projects covering a total area of 2,297 rai that have received investment registration certificates, and 1 project covering 1,094 rai is awaiting investment license approval. Additionally, in January 2025, the company signed an MoU with the local government of Thanh Hoa province to develop 2 industrial zones covering approximately 4,000 rai.

    For 2025, the company aims to maintain its leadership in Thailand and expand its business in Vietnam while seeking opportunities to expand into other countries. The target is a total land sales of 2,350 rai in both Thailand and Vietnam, focusing on attracting foreign investors in target industries such as automotive, electronics, and other high-tech industries. The company is committed to continuously developing smart eco-industrial estates and is ready to be a partner providing comprehensive solutions to better meet customer needs.

    1. Utility Business (Water): In 2024, the company had total water sales and wastewater treatment volume of 166 million cubic meters, with sales of value-added water products reaching 8 million cubic meters, growing by 25% from the previous year. Successful projects include the high-quality industrial water purchase-sale project with PTT Global Chemical Public Company Limited (GC) with a volume of 3.5 million cubic meters/year. For 2025, in Thailand, the company focuses on expanding in line with the growth of industrial estates by ensuring water resource security through continuous sourcing of raw water, expanding the production of value-added water to meet customer demand, and seeking new business expansion opportunities outside WHA industrial estates, including participating in new public utility projects for water supply and wastewater treatment, aiming to contract for water purchase-sale with the Provincial Waterworks Authority at a maximum volume of 4.3 million cubic meters/year. Additionally, the company continues to develop Smart Water Solutions to enhance operational efficiency, reduce costs, and minimize water loss. In Vietnam, the company plans to expand its industrial water and wastewater treatment business to meet customer demand in industrial estates and leverage its expertise to enhance the efficiency of water utility projects it has invested in.

    This year, the target for total water sales and management is approximately 173 million cubic meters, divided into approximately 132 million cubic meters domestically and approximately 41 million cubic meters in Vietnam. The company continues to focus on value-added water products, targeting approximately 10 million cubic meters.

    Electricity Business: In 2024, the company had a total signed electricity generation capacity of 965 megawatts, all from clean energy sources totaling 437 megawatts. For 2025, the company will continue to invest in renewable energy projects both in Thailand and abroad, focusing on investments in rooftop solar projects, renewable energy generation projects under Feed-in-Tariff and Direct PPA schemes. In Vietnam, the company has begun studying and developing microgrid projects in the WHA Smart Technology Zone 1 industrial estate in Thanh Hoa province, Phase 1, which is expected to be commercially available in 2026, and aims to further expand rooftop solar business.

    Additionally, the company continues to develop innovations and energy solutions, including a Peer-to-Peer Energy Trading platform and trading of renewable energy production credits (I-REC), as well as exploring investment feasibility in New S-Curve businesses such as Small Modular Reactor (SMR) technology, Battery Energy Storage System (BESS), and Carbon Capture, Utilization, and Storage (CCUS) technology, among others. The goal is to increase the total signed electricity generation capacity to 1,185 megawatts, with 657 megawatts coming from renewable energy.

    1. Digital Business: In 2024, the company successfully elevated its organization in all dimensions, achieving its goal of becoming a Technology Company and continuously pushing towards becoming a technology-driven organization through the promotion of a corporate culture focused on digital innovation and various Digital Transformation projects over the past 3-4 years. For 2025, WHA Digital will continue to strengthen various business groups within WHA Group through the use of technology and innovation, such as Artificial Intelligence and Internet-of-Things. Currently, there are 12 AI Transformation projects under development, including Drone Inspection Solution and IoX Platform for Solar. Additionally, WHA Digital is ready to seek new business opportunities through the development of platforms, including the Mobilix platform, which is designed for managing electric vehicles (EV) and batteries, with a target for platform usage of approximately 900 vehicles by 2025 and increasing to approximately 6,000 vehicles within the next 5 years.

    WHA Group prioritizes reducing environmental impact and creating value for society, with a commitment to achieving tangible sustainable development goals by 2029, including promoting the use of electric vehicles with a target of approximately 20,000 EVs in service, increasing the share of renewable energy with a target of approximately 1,200 megawatts of electricity generation from renewable sources, which will help reduce greenhouse gas emissions by approximately 683,000 tons of CO2 equivalent per year, reducing natural water usage by approximately 25 million cubic meters per year, equivalent to the water consumption of over 685,000 households, and implementing Zero Waste management to eliminate landfill or incineration, driving towards a truly sustainable future.

    The success of WHA Group in 2024 is evidenced by various awards, such as the Best Sustainability Awards in the Sustainability Excellence category from the SET Awards 2024 by the Stock Exchange of Thailand, as well as receiving the highest rating of "AAA" in the SET ESG Ratings, the Eco Industrial Estate award from the Industrial Estate Authority of Thailand, and the HR Asia Best Companies to Work for in Asia 2024 award, along with the HR Asia: Sustainable Workplace Awards from HR Asia.