Message from Chairman and Group CEO

WHA Group achieved all-time high net profit for 2022 and had a resounding success across its four business hubs as well as 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 2022, the Company reported total revenue and share of profit at THB 15,568 million, and net profit at THB 4,046 million, increasing 30% and 56%, respectively.
Its normalized total revenue and share of profits was THB 15,566 million, growing 29% from the year before, and normalized net profit was THB 4,065 million, up 50% year-on-year with total asset of THB 86,302 million. The Company has also launched “Mission to the Sun ”, consisting of 9 programs, to create new products and service enhancing customer satisfaction and to strengthen the development of the organization and personnel of the Company. Core programs include Green Logistics, Digital Assets (Metaverse), Digital Health Tech and Circular.

For Logistic business, the Company has outstanding performance and achieved a significant milestone with the successful launch of the WHA Mega Logistics Center located in Theparak KM. 21 with total area of 400 rai, contributing to the Company’s ownership and management of a total of 2.72 million sq. m. The trend of renting high-quality warehouses has been continuously growing, as seen by the Company’s overall occupancy rate of 92%. Furthermore, the Company successfully monetized 5 mega logistics centers to WHA Premium Growth Freehold & Leasehold REIT (WHART) comprising the leasable area of 159,963 sq.m. with the total asset value of THB 4,051 million and to WHA Industrial Leasehold REIT (WHAIR) comprising the leasable area of 48,186 sq.m. with the total asset value of THB 1,346 million

The Company is committed to expanding its Logistics Business to meet the evolving needs of both domestic and international customers. The Company is also dedicated on providing value-added services to its customers by leveraging on innovations and digital technologies such as Quantum Computing, the Internet of Things (IoTs), and data analytics etc. Currently, the Company is conducting studies on intelligent warehouses and exploring the application of Quantum Computing on transportation services to improve route efficiency under the concept of Green Logistics. Additionally, the Company is proactively seeking partnerships with promising startups to improve the overall customer experience.

For the Office Solutions business, the Company continues to expand several office-building projects in prime locations in Bangkok. Most recently, the WHA KW S25 project is expected to be completed in third quarter of 2023. Currently, the Company has 6 office-building projects in Bangkok and Samut Prakan with a total area of over 100,000 sq.m. and complete facilities and superior design.

Pertaining to its Industrial Estate Development business, the Company’s land sales reached 1,899 rai (1,793 rai in Thailand and 106 rai in Vietnam). Currently, the Company has 11 industrial estates under operation in Thailand, including WHA Rayong 36 Industrial Estate (1,280) fully completed in 2022. The Company continuously develops and expands new industrial estates.

For Industrial Estate Development business in Vietnam, WHA Industrial Zone – Nghe An Phase 1, representing 900 rai has been so attractive to investor that the Company has to speed up Phase 2 (2,215 rai). Moreover, the Company plans to develop another two industrial zones, WHA Smart Technology Industrial Zone - Thanh Hoa,’ covering 5,320 rai in Thanh Hoa province. Construction is scheduled to commence in 2024. The second is the “WHA Smart Eco Industrial Zone - Quang Nam”, covering 2,500 rai, located in the central region between Danang and Quang Ngai Provinces. License approvals are expected in 2026 or 2027, construction activity can start immediately thereafter.

Additionally, the Company also provides underground fiber optic service (FTTx) to telecom operators in 11 WHA Industrial Estates in Thailand. Moreover, the Company rent out spaces on telecom towers to install necessary devices for receiving and broadcasting network frequencies like 5G in 3 industrial estates, with plans to expand to other industrial estates throughout the year.

For Utilities business, the Company has continued to expand products and solutions focusing on value-added water products. In 2022, the Company opened a new water production and treatment facility with a total capacity of 3.3 million cubic meters per year, located within the WHA Rayong 36 Industrial Estate. Additionally, The Company will also start construction of a new water treatment plant and wastewater facility in WHA Industrial Estate Rayong (WHA IER), with a total capacity of 5.8 million cubic meters per year. With regard to alternative raw water strategy that the Company targets to increase the sources of supply of water, there are two identified projects, with total water capacity of 10 million cubic meters per year. The first raw water project that will support WHA Rayong 36 Industrial Estate and WHA Rayong Industrial Land has already been commissioned, whereas the second project at WHA Eastern Seaboard Industrial Estate 4 will start construction during 1Q/2023.

For the Utilities business in Vietnam, the Company has 3 water projects including water plant in WHA Nghe An Industrial Zone 1, Duong River Surface Water Treatment Plant and Cua Lo Water Plant.

In 2022, the total water supply and wastewater management volume reached 145 million cubic meters, including 28 million cubic meters in Vietnam and 5 million cubic meters of value-added water products (premium clarified water and demineralized water).

Meanwhile, the Company’s Power business has expanded its power portfolio, especially in renewable energy segment. At the end of 2022, the Company’s cumulative singed PPA reached 683 MW of installed equity MW, of which, 644 MW has been commercialized including solar project of 94 MW. In 2022, The Company signed a contract with Ford Motor Company for the installation of a solar carpark with capacity of 7.7 MW on total area of 32,200 sq. m. The project is located at WHA Eastern Seaboard Industrial Estate 1 and has become the largest solar carpark in Thailand.

As part of its long-term strategy to focus on smart and innovative solutions, the Company has co-developed, with PTT and Sertis, the Renewable Energy Exchange (“RENEX”), a Peer-to-Peer Energy Trading platform based on Blockchain technology. RENEX has been offered to customers and industrial users within WHA industrial estates. The Company is also conducting studies and developing a carbon credit trading feature to incorporate into the platform. Initially, this will involve registering solar projects in the Thailand Voluntary Emission Reduction Program (T-VER) and International Renewable Energy Certificate (I-REC).

Moreover, the Company aims to enlarge its portfolio in Thailand, to expand in Vietnam and to explore new market overseas. It will adhere to innovative and sustainable practices while seeking new opportunities with new S-curve businesses such as Battery Energy Storage Systems (BESS), Hydrogen, Carbon Trading and Carbon Capture Utilization and Storage (CCUS) as well as to adopt new technologies and innovations into its business practices continuously.

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. It will incorporate various technologies to improve its capabilities in reaching out to customers, as well as creating new value-added products to enhance customer satisfaction.

In 2022, the Company released WHAbit, a solution to promote digital healthcare. In addition, the Company also aims to launch META W, the first Industrial metaverse designed to enhance customers’ experience, create new opportunities, and strengthen its businesses in the digital era. Under the concept of digital twin, META W will be able to offer virtual tour of the Company, create new business models, as well as to provide immersive monitoring experiences. Going forward, the Company plans to expand its products and services to be offered to customers both inside and outside WHA Group’s ecosystem.

In recognition of its achievements and successes, the Company received a series of awards including 3 SET Awards in 2022: the “Commended Sustainability Awards” for WHA; the “Best Innovative Company Awards” for WHAUP and the “Outstanding REIT Performance Awards” for WHA Industrial Leasehold REIT (WHAIR). The Company also received “Thailand Best Managed Companies 2022 Awards”, “Thailand Corporate Excellence Awards 2022”, “Thailand Top CEO of The Year 2022 Awards” in real estate sector, “IEEE PES Women in Power Award 2022” as well as “Prime Minister’s Digital Award 2022” under the Digital Entrepreneur of the Year category

To fortify its branding position, the Company has recently been recognized as “Sustainable Stocks” by THSI, and also, by S&P Global, as one among the three companies in real estate industry from Thailand to be listed in the S&P Global Sustainability Yearbook 2023. Moreover, the Company has been honored Industry Mover for the Real Estate Industry among assessed companies across the globe. These recognitions demonstrate the Compawny’s commitment to developing sustainable growth for its business building positive changes for the environment, society, and the country’s economy.

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) which is in line with the Company’s commitment to bring “The Ultimate Solution for Sustainable Growth”

For 2023, the Company will pursue growth in its 4 business hubs to strengthen the Company’s position as a leading fully integrated provider of Logistics, Industrial Estate, Utilities & Power and Digital as well as accelerate its domestic and international expansion by embracing digital innovation and new technologies to enhance customer experience. The Company will ensure sustainable growth through the development of new products and services with focus on sustainability concept as well as develop to a high-performance organization and a tech company through digitalization.

Lastly, on behalf of the Chairman, 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 Committee 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