Message from Chairman and Group CEO

Despite another year marked by a challenging environment, with the pandemic restricting travel possibilities for our customers and international investors, we were able to achieve remarkable growth while maintaining our strong financial position and financing capability.
In 2021, WHA’s growth strategy across its four business hubs was illustrated by a series of new projects, new partners, new products, and new investments, confirming the WHA Group’s status as a leading developer of Logistics Properties, Industrial Estates, Utilities and Power and Digital Solutions in Thailand and Vietnam as well as a sustainable growth in the future.

Despite another year marked by a challenging environment, with the pandemic restricting travel possibilities for our customers and international investors, WHA Group were able to achieve remarkable growth while maintaining its strong financial position and financing capability. WHA Group achieved total revenue and share of profits of THB 8,997.6 million, an increase of 24.3%, and net profits of THB 2,841.6 million, an increase of 39.6%. The company's total normalized revenue and share of profits amounted to THB 8,924.0 million, reflecting an impressive increase of 23.6%, while normalized profits reached THB 2,754.9 million, up 36.7% from the same period last year. These positive results were primarily driven by outstanding performance of its industrial estate business and income from asset sales to both WHART and WHAIR, with the combined area of 208,149 sq. m., accounting for THB 5,397 million.

This solid performance strengthens the Company’s position as a leading fully integrated provider of Logistics, Industrial Estate, Utilities & Power and Digital Solutions. To further sharpen WHA’s competitive edge, the Company implemented a digital transformation with a two-fold objective: Firstly, the Company aims to deliver a better customer experience. Secondly, through digitalization, the Company is fast-forwarding to high levels of operational excellence.

For Logistic business, booming E-commerce and consumer business trends drove an increase in demand for its premium warehouse facilities; resulting in exceptional overall growth. In 2021, the Company launched “WHA Mega Logistics Center Theparak KM. 21”, the Company’s largest warehouse facility with a total building area of approximately 400,000 sq.m. By the end of 2022, total rental warehouse space under owned and managed was 2.71 million sq.m.

Furthermore, the Company explored new business opportunities and synergies through collaboration with several business partners. Previously, the Company invested in start-up companies to extend its products and services to serve the demand of new customer requirements. To build different business models, the Company made a joint venture with Giztix, a leading e-Logistic start-up which provides digital platform services to connect transportation and logistics service providers with end-users nationwide. The Company also acquired a stake in Storage Asia, a leading self-storage solution provider under the brand “i-Store Self Storage”. Plus, the Company has been looking for new partnerships to develop creative services using new technologies and innovations driven by Artificial Intelligence (AI), Internet of Thing (IoT), and Big Data. It will consider exploring new opportunities from Metaverse and Quantum computing technologies, as well as the environmentfriendly mobility solutions such as electric vehicles (EVs).

Additionally, the Company has been developing WHA Office Solutions at six prime locations in Bangkok and Samut Prakarn to meet entrepreneurs’ demand in various business sectors.

Pertaining to its Industrial Estate Development business, the Company continuously develops and expands new industrial estates. The Company’s 11th domestic industrial estate, 1,280-rai WHA Rayong 36 located in the Eastern Economic Corridor (EEC), was launched in 2021.

For Industrial Estate Development business in Vietnam, as one of the main emerging countries in South-East Asia, Vietnam remains attractive for foreign investors. WHA Industrial Zone - Nghe An Phase 1, representing 1,000 rai has been so attractive to investor that the Company has to speed up Phase 2 (2,200 rai). Moreover, the Company plans to develop another two industrial zones, WHA Smart Technology Industrial Zone - Thanh Hoa and WHA Northern Industrial Zone - Thanh Hoa covering about 7,500 rai which marks another successful milestone for the Company’s overseas business.

For Utilities business, the company has formed a joint venture with Asia Industrial Estate (AIE) to provide reclamation and demineralized water to customers in Asia Industrial Estate (Map Ta Phut). The first customer is a chemical factory under a 15-year contract with a capacity of over 1 million cubic meters per year. This partnership is a business extension to complement the company’s strategy which aims to become the leader of utilities and power businesses in Asia.

Meanwhile, the Company’s Power business has increased additional electricity-generating capacity of solar power of 41 MW, in particular Prinx Chengshan Project (19.44 MW) which is the largest solar rooftop project in ASEAN. Besides, the Company has been developing the Battery Energy Storage System (BESS) for energy storage and solar power generation as an alternative solution for customers. Recently, the Company launched its 820-kWp Solar Rooftop project with a 550-kWh energy storage system at Eastern Seaboard Industrial Estate (Rayong).

Pertaining to its Digital Platform business, the Company is determined to develop cutting-edge digital services to increase customers’ competitiveness and to become the leader in integrated digital innovations and technologies across its business hubs. Likewise, the expansion of FTTx is being implemented to fully connect all customers in 9 industrial estates. At present, the Company has also been building telecommunication towers and base stations inside WHA industrial estates, as well as renting spaces on these towers to telecom operators to install necessary devices for receiving and broadcasting network frequencies including 3G, 4G and 5G.

Furthermore, the Company has been empowering WHA Group digitization by continuing to lay the digital infrastructure and spearheading the implementation of digital technologies across all business hubs. The next step of WHA’s Digital Transformation will consist of using technology to introduce new income streams from innovative products and services and use data as a source of competitive advantage. As part of its roadmap, the Company targets to be a tech company by 2024.

In recognition of its achievements and successes, the Company received a series of awards including 3 SET Awards in 2021: the “Rising Star Sustainability Award” for WHA Group; the “Outstanding Innovative Company Award” for the Demineralized Reclaimed Water project for WHAUP and the “Sustainable Stocks Company Award”, both WHA Group and WHAUP. WHA Industrial Development Plc. (WHAID) also received the “CSR Excellence Recognition Award” from the American Chamber of Commerce (AMCHAM) for the 12th consecutive year.

In addition, WHA Group recognizes its important role to help address climate change and global warming issues. To achieve Carbon Neutrality and Net Zero Emission, the Company has an action plan to help reduce greenhouse gas emissions through renewable energy solutions, especially solar energy. The Company will also continue to firmly manage its environmental footprint by driving business forward on the principle of sustainability and consideration to stakeholders covering all three dimensions, including environmental(E), social(S) and governance(G). In 2021, the Company opened field hospital to help Covid-19 patients as well.

Lastly, on behalf of the Chairman of the Executive Committee, the Group CEO, the Board of Directors, and executives, I would like to thank you all for your support and contribution to our success. I would like to express my gratitude to all shareholders for your trust; to all customers for allowing us to serve you; and to our business partners and financial institutions for supporting our growth. Finally, I thank the Board of Directors, the Executive Committees and all employees for your demonstrated capabilities to drive the businesses forward and grow sustainably, in pursuit of the best value for society, shareholders, customers and stakeholders.

Khun Jareeporn Jarukornsakul
Chairman of the Executive Committee and Group Chief Executive Officer
WHA Corporation Public Company Limited