WHA Corporation Public Company Limited (“WHA Group”) is confident that its performance in the second half of 2024 will continue to grow, with total revenue and profit share exceeding 15 billion baht. The EBITDA margin is expected to be over 50%, as the company moves towards becoming a technology-driven organization focused on sustainability in all aspects. The company aims for continuous growth by expanding its business both domestically and internationally, enhancing the capabilities and scope of its Mobilix services, which provide green logistics solutions. This initiative represents a revolution in sustainable transportation through a comprehensive electric vehicle ecosystem, renewable energy projects, and the integration of digital technology and AI to enhance operational efficiency across the board. WHA Group is also committed to developing new product and service innovations and expanding collaborations with strategic partners in line with its mission: WE SHAPE THE FUTURE, aimed at building a sustainable society and environment, as well as contributing to national development.

Ms. Jareeporn Jarukornsakul, Chairwoman and CEO of WHA Corporation Public Company Limited stated, “The overall business direction for the fourth quarter and the second half of 2024 shows a strong trend. We are committed to advancing our strategies and developing business approaches that align with global megatrends, particularly the shift of manufacturing bases and investments to Southeast Asia. We are continuously applying technology and maintaining sustainable operations. This year, WHA Group has demonstrated the success of its organizational revolution by fully transitioning into a Tech & Sustainable Company, starting from our Digital Transformation initiative in 2021, which created a culture of innovation to enhance operational efficiency and elevate our business capabilities above competitors. We have since evolved into a data-driven organization, aiming to become a technology-driven organization in all dimensions by 2025.”

For the business operations strategy in the second half of 2024, the details of the four main business groups are as follows:

Logistics Business The operational strategy continues to focus on expanding the business domestically, particularly from Bangkok, Samut Prakan, and the Eastern Economic Corridor (EEC), while internationally, the focus is on expanding in Vietnam, emphasizing business with industries that have potential for future growth.

For 2024, the target is to lease new space and sign new leases totaling 200,000 square meters, focusing on built-to-suit warehouses. It is expected that in the second half of the year, more than 140,000 square meters of new leasing space will be delivered, with over 105,000 square meters of built-to-suit and ready-built warehouse leases from clients in the consumer goods and health sectors, and 35,000 square meters from the first project in Hung Yen, Vietnam, through collaboration with Daiwa House. There are also plans to sell lease rights to assets to the WHAIR trust, totaling approximately 40,172 square meters, valued at around 1.065 billion baht. Additionally, the launch of Mobilix, Thailand's first comprehensive green logistics solution, includes three main services: comprehensive electric vehicle leasing, electric vehicle charging stations, and Mobilix Software Solution. The business will operate under four main strategies: developing partnerships, expanding sales channels, launching new products and services, and providing new commercial offerings, with a goal of increasing the number of electric vehicles and trailers for lease to 1,000 units by the end of 2024.

Industrial Estate Business The strong demand for land from the industrial sector has led the company to increase its land sales estimate from the original target of 2,275 rai to 2,500 rai, with the value of land sale contracts expected to grow by 18% compared to the previous year. In the second half of 2024, the target is to sell more than 1,400 rai of land.

The land sales in Thailand will be the main driver, as Vietnam is currently in the process of land development in preparation for 2025, following unexpectedly high land sales in 2023. In addition to strong sales, the company is also advancing industrial land development, planning to add nearly 10,000 rai of industrial land in Thailand to its portfolio over the next four years, with six new industrial estate projects under development, including four new developments and two expansions of existing projects.

Projects in Vietnam will continue to expand in the second half of the year, with WHA Industrial Zone 2 – Nghe An expected to receive approval for the first phase of the project on an area of 1,200 rai by the end of this year. WHA Smart Technology Industrial Zone 1 in Thanh Hoa province will begin construction by the end of 2024, while WHA Smart Technology Industrial Zone 2, located in the same province, aims to obtain an Investment Registration Certificate (IRC) by the end of this year.

Utility Business (Water) is seeking investment opportunities in new areas beyond WHA's industrial estates, focusing on the continuous expansion of value-added water products to meet the increasing demand in various industries and expanding investments in new water production and wastewater treatment plants in Vietnam, as well as developing new solutions related to the environment and sustainability.

For growth this year, the target is total water sales of 178 million cubic meters, driven by increased water demand from clients in industrial estates and the rise in value-added water from new projects, along with significant growth in Vietnam due to the operation of clients' factories in WHA Industrial Zone 1 – Nghe An. Additionally, in 2024, contracts for high-quality industrial water (Premium Clarified Water) have been signed with PTT Global Chemical Public Company Limited (GC) for 3.5 million cubic meters per year and a contract to supply tap water to the Provincial Waterworks Authority for another 2.6 million cubic meters per year, both of which will start generating revenue in the second half of 2024.

Electricity Business continues to develop energy solutions, aiming to increase the total signed electricity generation capacity to 1,000 megawatts, with 472 megawatts coming from clean energy, including 283 megawatts from rooftop solar. The company is also focused on expanding its clean energy business through the development of new innovations and energy solutions, such as launching electric vehicle (EV) charging stations, which align with investment plans in Mobilix, with a goal of having 120 chargers this year, including the largest charging station in the country with a capacity of 5,400 kilowatts. The company is also seeking investment opportunities in New S-Curve businesses, such as Battery Energy Storage Systems (BESS) and Carbon Capture Utilization and Storage (CCUS) technologies.

Digital Business aims to elevate the organization in all dimensions to achieve its goal of becoming a Technology Company in 2024 and prepare to become a technology-driven organization in 2025, focusing on enhancing the capabilities of WHA Group's businesses and generating revenue from new digital platform services while continuously developing the expertise of the technology team. Notable past projects include Mobilix Software Solution, an intelligent digital platform for managing electric vehicles and batteries, WHAbit, a comprehensive health service platform, and WHASApp: Super App, which consolidates various services for WHA customers and collects real-time utility and energy usage data in one place.

Additionally, the organization is continuously enhancing efficiency with AI by developing 12 AI transformation projects to improve operational efficiency, reduce costs, and create added value for the business, such as Solar Anomaly Detection to quickly and effectively address issues with solar panels, Solar Forecasting to assess and predict sunlight levels for better energy production planning and cost reduction, and RO Performance Forecasting using data analytics to monitor water quality within industrial estates to maximize resource utilization, reduce waste, and comply with environmental regulations.

“In 2024, we have proven that the application of technology in all dimensions of operations is the path to success, with a strong business foundation and a clear vision of WE SHAPE THE FUTURE, alongside our commitment to becoming a Tech and Sustainable Company, aiming to transition into a Tech-Driven Organization next year. We will continue to move towards the future with new goals for the economic, social, and environmental development of Thailand and the region sustainably,” Ms. Jareeporn concluded.

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