Message from Chairman and Group CEO
WHA Corporation Public Company Limited and its Group of Companies (WHA Group) continued its strong performance in 2024, achieving a new record high in normalized net profit. For the year, total revenue and share of profit reached THB 14,342 baht, with a net profit of THB 4,359 million. Normalized total revenue and share of profit amounted to THB 14,303 million, while normalized profit stood at THB 4,526 million, reflecting a 2% increase from the previous year. Additionally, total assets grew to THB 101,541 million, driven by the continued expansion of WHA Group’s five core business hubs: Logistics, Industrial Development, Utilities & Power, Digital, and the latest addition, Mobility-Thailand’s first integrated green logistics solution under the Mobilix brand, revolutionizing transportation through a comprehensive EV ecosystem for sustainability with the Mobility business announced as a new business of WHA Group in 2025.
At the same time, the company continues to evolve into a technology-driven, sustainable organization, leveraging digital technology and AI to enhance operational efficiency across all dimensions. WHA Group remains committed to developing innovative products and services while expanding strategic partnerships, aligning with its mission, WHA: WE SHAPE THE FUTURE, to drive social, economic, and environmental progress for the nation’s development.
For Logistic 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. This expansion brings the total warehouse space under WHA Group’s ownership and management to 3,108,190 sq.m. 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. The company has also achieved success in selling properties and/or leasing property rights to the WHAIR REIT, totaling THB 1,065 million.
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 and metropolitan area, 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.
For 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. 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.
For Industrial Development business, In 2024, the company continued its success and revenue and share of profits from the industrial development business were THB 6,187 million. In 2024, the company continued to see strong land sales, totaling 2,565 rai (2,453 rai in Thailand and 112 rai in Vietnam). This growth was driven by rising land prices and continued relocation and nearshoring. At present, the company has industrial estate areas in both Thailand and Vietnam, totaling 78,500 rai. This includes areas that are already operational and those undergoing development. 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.
As of the end of 2024, the company operated a total of 15 industrial estates/zone (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). At the same time, the company continues to develop Smart ECO Industrial Estates and expand its role as a Total Solutions Partner to support foreign investments in target industries such as automotive, electronics, and other high-tech sectors.
For Utilities business, In 2024, total water sales and management volume, both domestic and international, reached 166 million cubic meters. (129 million cubic meters in Thailand and 37 million cubic meters in Vietnam), grew7% from the previous year. This growth was driven by increased sales across all water product segments, particularly valueadded 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.
The company is actively exploring investment opportunities beyond WHA industrial estates. The strategy emphasizes enhancing the portfolio of valueadded water products to cater to the increasing needs of various industrial domains, establishing new water production and wastewater treatment projects in Vietnam and developing innovative, environmentally friendly, and sustainable solutions.
For Power business, 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.
The company is also expanding its renewable energy business. In Thailand, it focuses on investments in solar rooftop projects, Feed-in-Tariff renewable energy projects, and Direct PPA initiatives. In Vietnam, the company has begun studying and developing a microgrid project at WHA Smart Technology Zone 1 in Thanh Hoa Province, with Phase 1 expected to commence commercial operations in 2026.
For 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. Recently, WHA officially launched WHASApp to facilitate realtime communication between customers and WHA teams. In 2025, WHA Digital is accelerating efforts to strengthen WHA Group’s business units through technology and innovation, including AI and IoT. Currently, 12 AI Transformation projects are under development, aimed at enhancing operational efficiency, reducing costs, and creating added value for the business. Additionally, the company targets the development of five new applications to support internal services within WHA Group.
WHA Group’s success in 2024, driven by its commitment to ESG principles and strong corporate governance, has earned the company numerous prestigious awards. These include the Best Sustainability Awards in the Sustainability Excellence category at the SET Awards 2024 by the Stock Exchange of Thailand. The company also achieved the highest “AAA” rating in the SET ESG Ratings and was selected as a member of the S&P Global Sustainability Yearbook for the third consecutive year. Additionally, WHA Group was ranked in the Top 1% of the S&P Global CSA Score for 2024, securing the highest score in the Real Estate Management & Development industry. Furthermore, the company received the Eco Industrial Estate Award from the Industrial Estate Authority of Thailand, the HR Asia Best Companies to Work for in Asia 2024, and the HR Asia: Sustainable Workplace Award from HR Asia.
Lastly, on behalf of Chairman of Executive Committee, 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 sincere gratitude to all stakeholders for their continued support. I extend my appreciation to our shareholders for their trust, our valued customers for choosing our services, our business partners for their strong collaboration, and financial institutions for their support in driving the Group’s growth. Additionally, I would like to thank the Board of Directors, the management team, and all employees for their dedication and commitment in steering the company towards sustainable and stable growth. Together, we will continue to create value for society, shareholders, customers, and all stakeholders.