WHA Corporation PCL (WHA Group) delivered an outstanding performance in 2024, reporting a record-high normalized net profits of THB 4,526 million, up 2% YoY. Total revenue and share of profits reached THB 14,342 million, with normalized revenue and share of profits amounted to THB 14,303 million, while normalized net profits reached THB 4,526 million, an increase of 2% YoY.
Group CEO Ms. Jareeporn Jarukornsakul announced the launch of “WHA Mobility” under the “Mobilix” brand, the Group’s fifth business hub, marking its latest expansion into smart mobility solutions. Looking ahead to 2025, WHA Group plans to invest over THB 20 billion across its five business segments to accommodate the growing influx of investment and manufacturing relocations by key industries into Thailand.
Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation PCL, revealed that the company posted total revenue and share of profits of THB 14,342 million, with net profits of THB 4,359 million in 2024. Normalized revenue and share of profits amounted to THB 14,303 million, while normalized net profits reached THB 4,526 million, an increase of 2% YoY. The record-high normalized net profit was driven by growth across all five business hubs: logistics, industrial development, utilities and power, digital, and the newly launched mobility segment—Thailand’s first fully-integrated green logistics solutions business, under the “Mobilix” brand. The company has also achieved success in selling properties and/or leasing property rights to the WHAIR REIT, totaling THB 1,065 million.
Logistics Business: In 2024, the logistics business grew continuously with the company signed Built-to-Suit lease agreements and the addition of ready-built factories/warehouse totaling 162,177 sq.m., along with short-term contracts with high returns totaling 115,511 sq.m. This expansion brings the total warehouse space under WHA Group’s ownership and management to 3,108,190 sq.m. As a result, the revenue from rental properties recognized THB 1,633 million in 2024. Driven by the continued high demand for leased space, WHA Group is accelerating new project development in 2025. In Thailand, the company plans to expand key projects in strategic locations, adding a total of 380,000 square meters of space. In Vietnam, the first logistics warehouse project, spanning 37,000 sq.m., was completed and is scheduled to commence operations in early 2025. WHA Group also signed a Memorandum of Understanding (MoU) with the Thanh Hoa provincial government to explore the development of a 300-rai logistics project.
Meanwhile, WHA GC Logistics Co., Ltd (WGCL) announced to transform from a 3PL to a 4PL provider, leveraging the combined strengths and expertise of WHA and GC to create value added in logistics business. This involves expanding service offerings to encompass comprehensive logistics planning, design, and integration.
WHA Group’s Office Solution currently comprises 6 projects in Bangkok, totaling over 120,000 sq.m. The latest Qube Lifestyle Retail Space project, spanning across 3,000 sq.m. next to the BTS Surasak station, was opened in 2024. Additionally, a specialized medical center project in Sathorn area, covering 6,900 sq.m. is expected to be completed in Q3/2025.
The Company has set a target for its logistics business this year to increase assets under management to approximately 3,309,000 sq.m. This includes new lease space of approximately 200,000 sq.m (163,000 sq.m in Thailand and 37,000 sq.m in Vietnam). Regarding REIT, the company also plans to sell assets and/or lease rights to WHART, totaling approximately 70,000 sq.m. with an estimated value of THB 1,500 million.
Mobility Business: In 2024, the company launched Thailand’s first fully integrated green logistics solution under the Mobilix brand, offering three major services: EV Rental Service, On Premise & Public EV Charging Solution, and Mobilix Software Solution – a smart digital platform. As of 2024, 330 electric vehicles have been leased to corporate clients.
In 2025, the company aims to establish a comprehensive Built-to-Suit EV ecosystem of Logistics, encompassing both the electric vehicle ecosystem (EV Ecosystem) and integrated services. The target is to have 1,700 EVs in its rental fleet this year, increasing to 20,000 vehicles within the next five years.
Industrial Development Business: In 2024, the company continued to see strong land sales, totaling 2,565 rai (2,453 rai in Thailand and 112 rai in Vietnam). Additionally, there are 716 rai of pending MOUs (696 rai in Thailand and 20 rai in Vietnam). In 2024, the company’s revenue and share of profits from the industrial development business were THB 6,187 million. This growth was driven by rising land prices and continued relocation and nearshoring activities following the US presidential election. As of the end of 2024, the company has a backlog of 1,535 rai (1,530 rai in Thailand and 5 rai in Vietnam) awaiting transfer to customers.
In 2024, the company secured significant clients, including Google, which signed a land purchase agreement to build its first data center in Thailand. Haier also established a new comprehensive air conditioner manufacturing plant. Additionally, in Q4/2024, the company signed a land purchase agreement with global technology company planning to build a data center in Thailand for another project. The company is currently in discussions with several data center clients from China, Japan, and Europe for multiple projects.
As of the end of 2024, the company operated a total of 15 industrial estates (14 in Thailand and 1 in Vietnam). In Thailand, the company has 7 projects under development and in pipeline, encompassing 8,810 rai, to accommodate the increasing demand for land from investors. In Vietnam, two projects totaling 2,297 rai (368 hectares) have received Investment Registration Certificates (IRC), and one project of 1,094 rai (175 hectares) is pending approval. In January 2025, the company signed a Memorandum of Understanding (MoU) with the Thanh Hoa provincial government to develop two industrial zones totaling 4,000 rai (640 hectares).
The company has set a land sales target of 2,350 rai (1,700 rai in Thailand and 650 rai in Vietnam) for the year. The focus is on attracting foreign investment in target industries such as automotive, electronics, and other high-technology sectors.
Utilities Business: In 2024, the company to recognize revenue and normalized share of profits from investments in utilities business amounting to THB 3,040 million. Total water sales and management volume, both domestic and international, reached 166 million cubic meters for the full year. This growth was driven by increased sales across all water product segments, particularly value-added water products, which saw higher demand. Additionally, water sales in Vietnam from the Duong River Project continued to rise due to the expansion of service areas for both existing and new customers.
For 2025, the company targets total water sales and management volume of 173 million cubic meters (132 million cubic meters in Thailand and 41 million cubic meters in Vietnam). The company also aims to grow its value-added water products, with a target volume of 10 million cubic meters.
Power Business: In 2024, the company recognized revenue from solar power business at THB 494 million and normalized share of profit from its investment in power business at THB 841 million.
In 2024, the company has the total accumulated signed capacity of 290 MW in Private PPA contracts, with a total secured capacity according to its equity stake of 965 MW. This includes 701 MW of operational capacity (of which 173 MW from renewable energy) and 264 MW of renewable energy projects are currently under development.
The company recorded total solar energy dispatch of 158 Gwh in 2024, marking an increase of over 35% from the previous year, with continued growth expected. Additionally, the company has ongoing construction projects expected to be completed by 2025, with a total capacity of over 100 MW.
For 2025, WHA Group targets 1,185 MW of signed PPA contracts, comprising 657 MW of renewable energy of which 635 MW will be solar power.
Digital Business: Driven by a commitment to elevate organization across all dimensions, the company has successfully achieved its goal of becoming a Technology Company by 2024. Moving forward, the company is focused on advancing toward becoming a Technology-driven Organization while actively seeking new business opportunities such as developing the Mobilix Software Solution – a platform for managing EVs and batteries. It targets 900 vehicles using the platform by 2025 and increase to 6,000 within the next five years. Recently, WHA officially launched WHASApp to facilitate real-time communication between customers and WHA teams.
In 2025, WHA Digital will strengthen the Group’s businesses through advanced technologies like AI and IoT, with 12 AI Transformation projects in development and plans to launch five new applications for service within WHA Group by 2025.
The business plan for 2025 has resulted in the company allocating a total investment budget of approximately THB 20,000 million across five business hubs: THB 4 billion for logistics, THB 1.5 billion for mobility, THB 9.9 billion for industrial development, THB 4.5 billion for utilities and power, and THB 450 million for digital. This budget aligns with the Group’s five-year strategic investment plan (2025-2029) totaling THB 119 billion, aimed at driving growth across these five business hubs.
“Driven by WHA Group’s commitment to ESG principles and strong adherence to corporate governance, the company has recently been selected as a member of the S&P Global Sustainability Yearbook for the third consecutive year. Furthermore, WHA Group achieved the highest score or Top 1% of the S&P Global CSA Score for 2024, in the Real Estate Management & Development industry,” Ms. Jareeporn concluded.
