WHA Corporation Public Company Limited (WHA Group) has shown strong performance with a normal profit of 4.526 billion baht for the year 2024, marking a 2% increase (Y-Y) and setting a new record high. The total revenue and profit share amounted to 14.342 billion baht, with normal revenue and profit share at 14.303 billion baht. Group CEO “Jareeporn Jarukornsakul” announced the launch of “WHA Mobility” under the brand Mobilix, which is the latest business venture and the fifth hub of WHA Group. The company plans to invest over 20 billion baht in 2025 across five business sectors to support the ongoing relocation of investment and production in targeted industries into the country.

Ms. Jareeporn Jarukornsakul, Chairwoman and CEO of WHA Corporation Public Company Limited (WHA Group) revealed that for the fiscal year 2024, the company recorded total revenue and profit share of 14.342 billion baht and a net profit of 4.359 billion baht. The normal revenue and profit share stood at 14.303 billion baht, with a normal profit of 4.526 billion baht, reflecting a 2% increase (Y-Y) compared to the previous year. The record high normal profit was attributed to the growth in operations across five business sectors: logistics, industrial estates, utilities and electricity, digital, and the recently launched comprehensive green logistics solution under the Mobilix brand. Additionally, the company successfully sold assets and/or lease rights to the WHAIR trust valued at 1.065 billion baht.

Ms. Jareeporn Jarukornsakul, Chairwoman and CEO of WHA Corporation Public Company Limited (WHA Group)

Logistics Business in 2024 continued to grow, signing lease agreements for Built-to-Suit projects and ready-made factories/warehouses totaling 162,177 square meters, along with high-yield short-term lease agreements covering 115,511 square meters. This resulted in a total warehouse area under management of 3,108,190 square meters. In 2024, the company recognized rental income from real estate of 1.633 billion baht, driven by sustained high demand for rental space. In 2025, the company plans to accelerate the development of new projects in Thailand, with significant expansions in high-potential locations covering over 380,000 square meters. In Vietnam, the first logistics warehouse project of 37,000 square meters has been completed and is set to open in early 2025. Furthermore, the company signed a Memorandum of Understanding (MoU) with the local government of Thanh Hoa province to explore the development of a logistics project over 300 rai.

For WHA GC Logistics Co., Ltd. (WGCL), the company announced its aim to elevate from 3PL to 4PL by leveraging the strengths and expertise of WHA and GC to create added value in logistics by expanding service offerings to include planning, design, and comprehensive logistics system integration.

In terms of Office Solutions, there are currently six projects in Bangkok covering over 120,000 square meters. The latest project, Qube, a lifestyle retail space of 3,000 square meters, is located next to the BTS Surasak station, along with a specialized medical center project in the Sathorn area covering 6,900 square meters, expected to be completed in Q3 2025.

The company aims to increase managed assets in the logistics business to approximately 3,309,000 square meters this year, with new rental projects of around 200,000 square meters (163,000 square meters in Thailand and 37,000 square meters in Vietnam). The trust plans to sell assets and/or lease rights to the WHART trust totaling approximately 70,000 square meters, valued at around 1.5 billion baht.

Mobility Business in 2024 saw the launch of the first comprehensive green logistics solution in Thailand under the Mobilix brand, offering three main services: Electric Vehicle (EV) Rental Service, On-Premise & Public EV Charging Solutions, and Mobilix Software Solutions, a smart digital platform. By the end of 2024, the total number of EV rentals reached 330 vehicles.

In 2025, the company aims to build a Built-to-Suit EV ecosystem of logistics that encompasses the entire EV ecosystem and comprehensive services, targeting a total of 1,700 EVs under rental service, increasing to 20,000 vehicles over the next five years.

Industrial Estate Business in 2024 recorded continuous land sales totaling 2,565 rai (2,453 rai in Thailand and 112 rai in Vietnam) and a total of 716 rai in MoUs (696 rai in Thailand and 20 rai in Vietnam), generating revenue and profit share from the industrial estate business of 6.187 billion baht. This was positively influenced by rising land prices and the ongoing relocation of investment and production (Nearshoring) following the U.S. presidential election. By the end of 2024, the company had a backlog of over 1,535 rai (1,530 rai in Thailand and 5 rai in Vietnam) awaiting transfer of ownership.

In 2024, significant clients included Google, which signed a land purchase agreement for its first Data Center in Thailand, and Haier, which established a new comprehensive air conditioning manufacturing plant. Additionally, in Q4 2024, the company signed a land purchase agreement with a global technology firm planning to build another Data Center in Thailand, while also negotiating with several data center clients from China, Japan, and Europe.

By the end of 2024, the company had a total of 15 industrial estates (14 in Thailand and 1 in Vietnam). Currently, there are seven industrial estate projects under construction and awaiting development in Thailand, covering 8,810 rai to meet the increasing land demand from investors. In Vietnam, there are two approved projects totaling 2,297 rai (368 hectares) and one project of 1,094 rai (175 hectares) awaiting investment license approval. Recently, in January 2025, the company signed an MoU with the local government of Thanh Hoa to develop two industrial zones covering a total of 4,000 rai (640 hectares).

For this business segment, the company targets total land sales of 2,350 rai (1,700 rai in Thailand and 650 rai in Vietnam) this year, focusing on attracting foreign investment in targeted industries such as automotive, electronics, and other high-tech industries.

Utilities (Water) Business recognized revenue and profit share from utilities totaling 3.040 billion baht in 2024, with total water sales and management in both domestic and international markets reaching 166 million cubic meters, showing continuous improvement from the previous year. This growth was particularly driven by increased demand for value-added water products and the ongoing expansion of water sales in Vietnam from the Doung River project.

In 2025, the company aims for total water sales and management of 173 million cubic meters (132 million cubic meters in Thailand and 41 million cubic meters in Vietnam), with a focus on value-added water products targeting 10 million cubic meters.

Electricity Business in 2024 generated revenue from solar energy of 494 million baht and a normal profit share from electricity of 841 million baht.

In the solar energy sector, the company signed a cumulative total of 290 megawatts in Private PPA projects in 2024, with a total installed capacity of 965 megawatts, including 701 megawatts of operational capacity (173 megawatts from renewable sources) and 264 megawatts under development, all of which are renewable energy projects.

In 2024, the total solar energy sales reached 158 gigawatt-hours, an increase of over 35% from the previous year, with a continuous growth trend. The company has construction projects expected to be completed within 2025 totaling over 100 megawatts.

For 2025, the company targets signed Power Purchase Agreements (PPAs) totaling 1,185 megawatts, with a goal of 657 megawatts from renewable energy, primarily solar energy at 635 megawatts.

Digital Business is focused on elevating the organization across all dimensions to achieve the goal of becoming a Technology Company. In 2024, the company aims to drive towards becoming a technology-driven organization, exploring new business opportunities such as developing the Mobilix Software Solution, a platform for managing electric vehicles (EVs) and batteries, targeting 900 vehicle usages in 2025 and increasing to 6,000 vehicles within the next five years. Recently, the company officially launched WHASApp to enhance communication convenience between customers and the WHA team in real-time.

For 2025, WHA Digital is focused on strengthening various business segments within WHA Group through the use of technology and innovations such as AI and IoT, with 12 AI Transformation projects currently under development and a goal to develop five new applications for internal services within WHA Group by the end of 2025.

As part of the business drive for 2025, the company has set a total investment budget of approximately 20 billion baht across five business sectors: logistics at 4 billion baht, mobility at 1.5 billion baht, industrial estates at 9.9 billion baht, utilities and energy at 4.5 billion baht, and digital at 450 million baht. This budget aligns with WHA Group's five-year investment plan (2025-2029) totaling 119 billion baht.

“With our commitment to business operations based on ESG principles and strong governance, WHA Group has been selected as a member of the S&P Global Sustainability Yearbook for the third consecutive year and received the highest score, ranking first in the S&P Global sustainability ranking or Top 1% S&P Global CSA Score 2024 in the real estate management and development industry,” Ms. Jareeporn concluded.