WHA Corporation PCL (SET: WHA) announces its 2025 business plan, targeting robust growth across five core business pillars, including the newly established WHA Mobility. Building on a strong 2024 performance, with projected total revenue and share of profits reaching 14.4 billion baht, an EBITDA margin exceeding 55%, and a net debt-to-equity ratio below 1.2x, with goal to achieve a total revenue of 150 billion baht over a span of five years, WHA Group will focus on extending its leadership in logistics, integrated green logistics solutions, industrial estates, utilities and power, and digital solutions. This growth will be fueled by comprehensive innovation and technology, transforming WHA Group into a tech-driven, high-performance organization operating across the ASEAN region, in line with its mission: “WHA: We Shape the Future.”
WHA Group’s 2025 operational plan aims to generate over 20 billion baht in revenue and profit share, while maintaining an EBITDA margin above 45%. Looking ahead to its five-year operational plan (2025-2029), the company is laying the groundwork for long-term business expansion and sustainability by allocating an investment budget of over 119 billion baht. This plan aims to achieve a 2.9-fold increase in revenue from 2024 while maintaining a net debt-to-equity ratio below 1.2x.
Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Company Limited, stated, “2025 represents a crucial year for WHA Group’s business expansion investments. We believe that the potentially intensifying geopolitical landscape, particularly with the return of President Trump, will create significant investment opportunities within the ASEAN region, and especially in Thailand. Thailand’s strategic location, established supply chain infrastructure, supportive government policies, robust infrastructure, energy security including renewables, and skilled workforce offer distinct advantages to investors in key sectors like automotive, consumer, electronics, data centers, smart electronics, and cloud services. WHA Group, with its continuously evolving and comprehensive infrastructure, is well-positioned to support these investments. Moreover, the company is committed to building upon sustainable growth principles to generate added value and benefits for our customers, partners, investors, and all stakeholders.”
WHA Group’s business direction for 2025 will continue to be guided by four key strategies: Extend Leadership: accelerated business expansion in Thailand and across the ASEAN region; Embrace Innovation and Technology: leveraging digital technologies to create new business opportunities and identify New S-Curves; Enhance Green and Sustainability: a strong commitment to Net Zero emissions by 2050 and efficient resource utilization; and Build High Performance Organization: developing and enhancing technological and digital capabilities for a high-performance organization.
1) Logistics Business: In 2024, the logistics business demonstrated remarkable growth, reaching a total area of 3,109,000 square meters, including 167,000 square meters from new projects. For 2025, the company’s strategy involves expanding its presence both domestically in Thailand and internationally, with a particular focus on Vietnam.
- In Thailand, the company aims to expand its coverage across strategic locations in Bangkok, the surrounding metropolitan area, the Eastern Economic Corridor (EEC), and secondary cities. Key projects planned for 2025 in these high-potential locations include WHA Mega Logistics Center Chonlaharnpichit Km.4 Project 2, WHA Mega Logistics Center Theparak Km. 21 Phase 3, and WHA Mega Logistics Center Bangna-Trad Km. 23 Inbound, totaling over 380,000 square meters. In Vietnam, the focus is on catering to high-growth industrial sectors such as e-commerce, consumer goods, and industrial products destined for export. The first logistics warehouse project in Vietnam, spanning 37,000 square meters, has been completed and is set to open early this year. Additionally, in January 2025, the company signed an MoU with the local government of Thanh Hoa province to explore developing a logistics project on a 300-rai area near the province’s main city and key infrastructure.
- WHA GC Logistics Co.Ltd. (WGCL) aims to upgrade from a Third-Party Logistics Provider (3PL) to a Fourth-Party Logistics Provider (4PL). This transition will leverage the combined strengths and expertise of WHA and GC to create added value within the logistics sector. The shift to 4PL represents a key strategy for expanding the scope of services beyond traditional transportation and warehousing management (3PL) to encompass comprehensive logistics planning, design, and system integration, ultimately maximizing efficiency for the company and its clients.
- Regarding Office Solutions, the company continues to expand its portfolio of office building projects in prime locations throughout Bangkok. Currently, WHA Group manages 6 office projects, totaling over 120,000 square meters. The latest project completed in 2024 is the Qube lifestyle retail space, spanning 3,000 square meters and conveniently located adjacent to the BTS Surasak station. Looking ahead to 2025, a new specialized medical center project in the Sathorn area, covering over 6,900 square meters, is scheduled for completion in the third quarter of the year.
The 2025 target is 3,309,000 square meters of assets under management, 200,000 square meters of new leasable space, and 70,000 square meters of leasehold rights sold to WHART for an estimated value of 1.5 billion baht.
2) Mobility Business: WHA Mobility Hub: WHA Built-To-Suit EV Ecosystem of Logistics, operating under the brand name Mobilix, was launched in 2024 as Thailand’s first integrated green logistics solutions provider. Mobilix offers three core services: comprehensive EV Rental Service; On-Premise & Public EV Charging Solution: charging stations and related equipment for personal and commercial EVs; and Mobilix Software Solution: a cutting-edge digital platform for managing EVs and batteries.
2024 successes include adding 318 electric vehicles to its rental fleet and forging strategic partnerships with leading technology companies in EV industry, including Voltality, EVMe, and Grab. These collaborations aim to strengthen the EV ecosystem within the business. Mobilix also initiated a commercial service partnership with SHARGE, a leader in developing EV charging ecosystems, and commenced construction of EV charging station with a capacity of 5,400 kilowatts.
Mobilix has set a target of having 20,000 EVs in its rental service within the next five years. This will be achieved through a strategy of strengthening partnerships across the entire EV ecosystem, effectively managing the lifecycle of EVs and their batteries, and providing comprehensive and flexible services tailored to meet customer needs. In 2025, Mobilix aims to have over 1,700 EVs available for rental.
3) Industrial Estate Business: In 2024, the company achieved total land sales of 2,565 rai, comprising 2,453 rai in Thailand and 112 rai in Vietnam. Land transfers totaled 2,070 rai, with 1,727 rai in Thailand and 343 rai in Vietnam. Notable customer acquisitions included Google, which signed a land purchase agreement to establish its first data center in Thailand, and Haier, which will construct a new, fully integrated air conditioning manufacturing facility. As of the end of 2024, the company operates 15 industrial estates, with 14 located in Thailand and 1 in Vietnam. To meet growing investor demand, the company has 7 industrial estate projects totaling 8,810 rai under construction and development in Thailand. Vietnamese expansion continues with two projects totaling 2,297 rai already granted Investment Registration Certificates (IRC) and another project totaling 1,094 rai awaiting approval. In January 2025, the company signed an MoU with the local government of Thanh Hoa province to develop two additional industrial zones totaling 4,000 rai.
For 2025, the company aims to lead in Thailand, expand in Vietnam, and explore new markets. With a 2,350 rai land sales target across both countries, the focus is attracting foreign investment in key sectors like automotive, electronics, and other high-tech industries. The company remains committed to developing Smart Industrial Estates and providing comprehensive client solutions.
4) Utilities Business (Water): In 2024, the company sold and treated 166 million cubic meters of water, including 8 million cubic meters of value-added water —a 25% year-on-year increase. A key win was the 3.5 million cubic meter/year agreement with PTT Global Chemical Public Company Limited (GC) for high-quality industrial water. For 2025 in Thailand, the company will expand its water solutions alongside industrial estate growth by securing raw water sources, increasing value-added water production, and exploring opportunities beyond WHA estates. This includes pursuing public water supply and wastewater projects, targeting a 4.3 million cubic meter/year agreement with the Provincial Waterworks Authority. The company continues developing Smart Water Solutions for increased efficiency and reduced costs and water loss. In Vietnam, expansion focuses on meeting industrial estate water and wastewater treatment needs and leveraging expertise to optimize water infrastructure investments.
The company has set a target for total water sales and management of 173 million cubic meters in 2025, with 132 million cubic meters within Thailand and 41 million cubic meters in Vietnam. WHA Group maintains its focus on value-added water, setting a target of 10 million cubic meters for this segment.
5) Power Business: In 2024, the company achieved a cumulative signed power capacity of 965 megawatts, with 437 megawatts generated from renewable energy sources. In 2025, WHA Group will continue to expand its investments in renewable energy both within Thailand and internationally. In Thailand, the focus will be on investments in solar rooftop projects, renewable energy projects under the feed-in tariff scheme, and direct power purchase agreements (PPAs). In Vietnam, the company has commenced the study and development of a microgrid project at WHA Smart Technology Zone 1 in Thanh Hoa province. Phase 1 of this project is expected to be commercially operational in 2026. The company will also focus on expanding its solar rooftop business in Vietnam.
Furthermore, WHA Group is continuously developing innovative energy solutions and platforms, including peer-to-peer energy trading and the trading of International Renewable Energy Certificates (I-RECs). The company is also exploring the feasibility of investing in new S-curve businesses such as Small Modular Reactors (SMRs), Battery Energy Storage Systems (BESS), and Carbon Capture, Utilization and Storage (CCUS) technologies. WHA Group aims to increase its cumulative signed power capacity to 1,185 megawatts, with 657 megawatts sourced from renewable energy.
6) Digital Business: In 2024, the company successfully implemented digital upgrades across all aspects of its operations, achieving its goal of becoming a technology company and continuing its drive towards becoming a technology-driven organization. This was driven by a digital innovation culture and various digital transformation projects implemented over the past 3-4 years. In 2025, WHA Digital will further empower WHA Group through technologies like AI and IoT. 12 AI transformation projects are currently underway, including Drone Inspection Solution and IoX Platform for Solar. WHA Digital is also exploring new opportunities through platform development, such as the Mobilix Platform for managing EVs and batteries, targeting 900 vehicles using the platform by 2025 and increasing to approximately 6,000 vehicles within the next five years, and aims to develop and deploy 5 new applications within WHA Group this year.
WHA Group prioritizes minimizing environmental impact and creating social value. Committed to achieving its 2029 sustainability goals, WHA Group targets: 20,000 EVs in service; 1,200 MW of renewable energy capacity, expected to reduce GHG emissions by 683,000 tons of CO2e annually; reducing water consumption by 25 million cubic meters, equivalent to the annual usage of 685,000+ households; and implementing zero-waste management, which eliminates landfilling and incineration.
WHA Group’s success in 2024 is evidenced by the numerous awards, including the Best Sustainability Awards in the Sustainability Excellence category from the SET Awards 2024 from the Stock Exchange of Thailand, the SET ESG Ratings at the highest level of “AAA,” the Eco Industrial Estate award from the Industrial Estate Authority of Thailand, the HR Asia Best Companies to Work for in Asia 2024 award, and the HR Asia: Sustainable Workplace Awards.
