Message from Chairman and Group CEO

WHA Corporation Public Company Limited and its Group of Companies (WHA Group) achieved an all-time high performance in 2023, continuing their success from 2022. This is reflected in their total revenue, share of profit, and net profit, all of which have reached the highest record levels. Additionally, they have received a series of awards, confirming the company’s status as a leading developer of logistics properties, industrial estates, utilities & power, and digital solutions in Thailand and Vietnam. In 2023, the Company reported total revenue and share of profit at THB 17,015 million, and net profit at THB 4,426 million, increasing 9% from the previous year for both items. Its normalized total revenue and share of profits was THB 17,003 million, and normalized net profit was THB 4,420 million, up 9% from the previous year for both items with total assets has grown to THB 90,225 million. The Company targets achieving the goals under the mission of “WE SHAPE THE FUTURE” in bringing a sustainable development to economy, society, the environment, and national sustainable development by leveraging the robust, fully integrated ecosystem built on the 4 business.

For Logistic business, continuous growth is achieved by signing lease agreements for Built-to-Suit Factories and Ready-Built Factories / Warehouses totaling a record high of 241,845 square meters with an all-time high net rent. This contributed to the Group’s ownership and management of a total of 2,944,522 square meters. The trend of renting highquality warehouses has been continuously growing. Furthermore, the Company successfully monetized to WHA Premium Growth Freehold & Leasehold REIT (WHART) comprising the leasable area of 142,896 square meters with the total asset value of THB 3,566 million.

The Company remains committed to expanding its logistics business to meet domestic customer needs but also to expanding internationally. This expansion is exemplified by the development of the first warehouse project in Vietnam, covering an area of 35,000 square meters, where located near Hanoi, the construction is expected to be completed and delivered to customers by the end of 2024 or early 2025. At the same time, it also focuses on providing services that can create value added for customers by utilizing technology and smart innovations. In 2023, the company initiated the Green Logistics project, aimed at supporting and accelerating the adoption of electric vehicles (EVs) in Thailand’s transportation sector. With this, the Company is set to offer EV fleet service, EV charging stations and digital applications for EV fleet and battery management.

Another major achievement is the acquisition of shares in GC Logistics Solutions Company Limited (GCL), a subsidiary of PTT Global Chemical Public Company Limited (PTTGC), in the proportion of 50%, valued at THB 2,640 million. The investment leads to a synergy of the two companies’ expertise and market leadership in order to enhance business capability, competitiveness, as well as customer service.

For the Office Solutions business, Currently, the Company has 5 office-building projects in Bangkok and Samut Prakan with a total area of over 120,000 square meters All the office buildings have complete facilities and superior design. Moreover, there are new projects, namely Quant Sukhumvit 25, located in the Sukhumvit-Asok area, it is a mixed-use building project for commercial purposes, situated near the Surasak BTS station. It also includes a Built-to-Suit Medical Center project, which recently signed a contract with tenants and commenced construction in 2023.

Pertaining to its Industrial Estate Development business, the Company’s land sales reached the highest record of 2,767 rai (1,986 rai in Thailand and 781 rai in Vietnam). At present, the Company has industrial estate areas in both Thailand and Vietnam, totaling 77,600 rai. This includes areas that are already operational and those undergoing development. Negotiations for land sales are ongoing with customers from various industries such as automotive, consumer goods, electronics, etc.

For Industrial Estate Development business in Thailand, the Company operates a total of 12 industrial estates in Thailand, totaling over 43,200 rai. In addition, the Company has 4 expansion projects, including the WHA Eastern Seaboard Industrial Estate 3 phase 3 (640 rai), the WHA Rayong 36 Industrial Estate phase 2 (480 rai), the WHA Eastern Seaboard Industrial Estate 4 phase 3 (330 rai), and the WHA Eastern Seaboard Industrial Estate 2 phase 2 (600 rai). In addition, the company has developed 2 more new projects, namely the WHA Saraburi Industrial Land (2,400 rai) and the WHA Eastern Seaboard Industrial Estate 5 (3,400 rai), which are expected to start construction in the first quarter of 2025.

For Industrial Estate Development business in Vietnam, there is currently one industrial zone in operation, which is WHA Industrial Zone 1 – Nghe An, covering a total area of 13,125 rai. The company has completed the construction of Phase 1, covering 900 rai already constructed, and Phase 2 covers 2,215 rai under construction. As well as the company has planned to expand another 3 industrial zone projects on a total of over 22,813 rai land plot. It consists of the WHA Smart Technology Industrial Zone 1 - Thanh Hoa, covering an area of 3,125 acres, which is currently in the process of applying for permits and expected to begin construction by the end of 2024. Additionally, there are the WHA Smart Technology Industrial Zone 2 - Thanh Hoa, covering an area of 1,875 rai, and the WHA Smart Eco Industrial Zone - Quang Nam, covering an area of 2,500 rai, which have already signed agreements with local authorities in Vietnam in 2022.

Additionally, the Company will continue to further develop the Smart Eco Industrial Estates constantly by expanding capabilities to cover 6 key components including Smart Services, Smart Mobility, Smart Communication, Smart Power, Smart Water, and Smart Security which will be managed by the Unified Operation Center (UOC). This will be further evolved into a Total Solutions Partner for customers by providing fully integrated services.

For Utilities business, In 2023, the volume of water sales and management continued to grow consistently, with a growth rate of 7%. This growth was divided into 4% in Thailand and 18% in Vietnam. Moreover, the Company has continued to expand products and solutions. In particular, the focus is on leveraging new technologies such as Artificial Intelligence (AI) to enhance operational efficiency. At the same time, there is also a goal to continuously improve and expand the range of services provided, such as environmental solutions or waste management. Also the management of wastewater is utilized to the maximum extent possible in order to reduce the use of raw water from the system.

For the Utilities business in Vietnam, the Company has 3 water facilities including water plant in WHA Nghe An Industrial Zone 1, Duong River Surface Water Treatment Plant and Cua Lo Water Plant. In 2023, the volume of water sales and management in Vietnam is 34 million cubic meters.

Meanwhile, the Company’s Power business In 2023, total revenue, and share of profit increased by over 117% compared to the previous year. Due to the higher adjusted share of profit from both IPP and SPP business groups, as well as the increased revenue from the sale of electricity from solar projects, which grew by more than 60%. Additionally, the Company has expanded its power portfolio, especially in the renewable energy segment. At the end of 2023, the Company’s cumulative singed PPA reached 733 MW of installed equity MW, of which, 659 MW has been commercialized including solar project of 109 MW. In the same year, the company was selected by the Energy Regulatory Commission to obtain the right to develop 5 solar farm projects with a Feed-in Tariff scheme Phase 1 with the installed capacity totaling 125 equity megawatts.

Furthermore, the Company is promoting the development of energy innovations, such as electric vehicle charging stations, peer-to-peer energy trading platforms, and the purchase and sale of Renewable Energy Certificates (I-REC). also studying the possibility of investing in New S-Curve businesses, such as energy storage systems using batteries and carbon capture and utilization technologies and seeking opportunities to invest in public utilities and various forms of energy in both Thailand and Vietnam.

Pertaining to its Digital business, the Company is committed to leading digital transformation and aims to become a tech company by 2024. The journey will include restructuring of its organization, new strategies, upskilling human capital, innovative corporate culture, and business process improvement to gain competitive advantages and to thrive in the digital era. As well as the company is committed to sustainable business operations and creating positive changes in the environment, society, and economy under the mission ‘Mission To The Sun’, which consists of 9 projects aimed at transforming the business into a digital one. These projects aim to create new products and added value to meet customer needs and enhance the business ecosystem of the company group. There are projects that are progressing smoothly, such as the Green Logistics project, which is currently developing an application that integrates various services (Green Mobility Platform) for electric vehicle business customers, including fleet management, route optimization, and electric vehicle charging station network integration (EV Roaming). As well as the Digital Health Tech project, an application called WHAbit has been developed to facilitate comprehensive health management, including accessing past health data and consulting with doctors through video calls. The Company plans to start providing the application to customers in the industry in the first half of 2024.

In recognition of its achievements and successes, the Company received a series of awards including 2 SET Awards in 2023: the “Best Sustainability Excellence Award” for WHA, and the “Commended Sustainability Excellence Award” for WHAUP. The Company also received “Prime Minister Award-Innovation for Global Challenge”, “Outstanding Award at EIA Monitoring Awards 2023”, “Kincentric Best Employer Award Thailand 2023”, and “Eco Innovation Forum 2023”.

In addition, the Company has been ranked in the Sustainable Stocks list for the year 2023 (THSI) as well as being certified by the S&P Global Sustainability Yearbook, also received an evaluation of “AAA” in the SET ESG Ratings for the year 2023, which is the highest rating and has been listed as a sustainable stock for 4 consecutive years. These recognitions demonstrate the Company’s commitment to developing sustainable growth for its business, together with building positive changes for the environment, society, and the country’s economy.

For 2024, the Company will pursue growth in its all business hubs to strengthen the Company’s position as a leading fully integrated provider as well as accelerate its domestic and international expansion by embracing digital innovation and new technologies to strengthen Thailand’s competitive edge, attract new investments, and create a sustainable future. Our preeminent duty is to achieve the goal of turning to a technology company with AI Transformation strategy, aiming at building digital-ready culture in the organization with a full readiness to embrace digital transformation, elevate operational capabilities with data and artificial intelligence, maintain our leadership in a rapidly changing business landscape and advance our digital transformation programs which now account for more than 38 projects. Simultaneously, the company has set goals to fully operate its business in line with the circular economy principles by the year 2050 through initiatives guided by three principles: Design & Resource, Green Products, and Operation Excellence. In 2023, all four business hubs proposed no fewer than 40 Circular Economy projects.

Lastly, as the Chairman of Executive Committee, and the Group CEO, and on behalf of 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, executives, 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