WHA Group records THB 2,907 million profit for 2018 Board approves THB 0.0833 dividend per share with XD on 9 May 2019

Bangkok - WHA Corporation Public Company Limited (WHA Group) announced its 2018 total revenue of THB 11,622 million, inclusive of share of profit from investments in associates and joint ventures, with a net profit of THB 2,907 million. The company’s normalized net profit, excluding the FX impact and extraordinary items, stood at THB 2,918 million, rising by 2% as a result of an increase in share of profit in associations from power business as well as a surge in water utilities income. WHA Group CEO Ms. Jareeporn Jarukornsakul revealed that the Board approved 2018 dividend at THB 0.0833 per share, and set an XD date on 9 May 2019, for dividend payment on 28 May 2019. Overall business growth in 2019 is expected to reach more than 70%.

Ms. Jareeporn Jarukornsakul, Chairman of the Board and Group Chief Executive Officer, WHA Corporation Public Company Limited (WHA Group) – Thailand’s Number 1 Developer of Logistics, Industrial Estates, Industrial Utilities and Power and Digital Platform - announced the company’s performance, with the total normalized net profit excluding FX impact and extraordinary items, reached THB 2,918 million, representing a 2% growth compared to last year. This growth is the result of an increase in share of profit from its power business after the completion of 5 SPPs in Q2 2017, bringing the Company’s Equity MW under operation to 521 MW at the end of 2018. There also was an increase in demand for water utilities in power plants, resulting in an income increase. In addition, the company improved its efficiency to create value added products and initiate new product lines, as well as increase the sale proportion of industrial water and clarified water to enhance profit margin. Furthermore, financial expenses decreased significantly by 27%. The company’s total revenue, including share of profit in associates and joint ventures, stated in the financial statement was THB 11,622 million, reflecting a decrease of 6% compared to the previous year. This decrease was caused by fewer industrial land transfers compared to last year, despite the company securing land sales and a letter of intent (LOI) for 1,232 rai in 2018, maintaining the company as the number one industrial estate developer in Thailand. Nethertheless, the net income shown in the financial statement was THB 2,907 million, an overall 11% drop, mainly due to FX loss and extraordinary items. However, such impact is considered as an accounting transaction and has no effect on the company’s cash flow or its operating performance.

Moreover, the company monetized assets to WHA Premium Growth Freehold & Leasehold REIT (WHART) for a total of THB 4,465 million and to Hemaraj Leasehold Real Estate Investment Trust (HREIT) for a total of THB 1,590 million at the beginning of 2018 and THB 477 million at the end of 2018 respectively.

During the company Board of Directors’ meeting on 22 February 2019, the cash dividend payment of THB 0.0833 per share was approved and the XD date was set on 9 May 2019. Subsequently the Record date was booked on 10 May 2019, with the dividend payment date on 28 May 2019. This agenda will be proposed for approval at the shareholders’ meeting on 29 April 2019.

The Chairman of the Board and Group Chief Executive Officer of WHA Corporation Public Company Limited (WHA Group), commenting on the company’s overall business outlook in 2019, said that WHA Group expects its revenue and share of profit to expand more than 70% from its 4 business hubs.

1. Logistics Business to expand another 250,000 square meters, bringing the area under ownership and management of WHA Group to 2,500,000 sq. m., and to raise an additional THB 5,750 million via REIT platform. The company will focus on advancing its partnership with major conglomerates and industry leaders, capitalizing on government policies with a focus on prospective e-commerce, aviation and aerospace industries, and generating higher value via smart technologies and innovation.
2. Underlining its leadership in Industrial Estate Business in 2019, with a target to conclude 1,600 rai of land sales (1,400 rai in Thailand and 200 rai in Vietnam). The company plans to launch a new industrial estate in Thailand, bringing the number of its industrial estates in operation to 11, including 9 situated in the Eastern Economic Corridor (EEC) industrial promotional zones.
3. Utilities and Power Business to reach 120 million cubic-meter of water sales and managed volume and 570 installed equity MW of conventional and renewable power as well as introduce new water and energy solutions to clients.
4. Digital Platform Business to complete digitalizing all the group’s estates in 2019, and to prepare to launch fiber optic network (FTTx) in 10 industrial estates.