WHA Corporation Projects Record-Breaking 2025 Performance
Natthapatt Tanboon-ek, the Group Chief Financial Officer at WHA Corporation Public Company Limited (WHA), has announced that the company is on track to achieve a new all-time high for its fourth consecutive year. WHA is projecting its normalized total revenue and share profit to surpass THB 20 billion in 2025, which would mark a robust 35% growth from the THB 14.3 billion recorded in the previous year. This optimistic forecast is supported by strong expansion across all of WHA’s business segments. The company has also set ambitious financial targets, including an EBITDA margin of no less than 45% and a commitment to maintaining its net interest-bearing debt-to-equity ratio at less than 1.2 times. Despite its growth plans, WHA will reduce its investment budget to THB 18 billion, a decrease from the prior THB 20 billion, primarily due to launch delays for several of its logistics projects.
Strategic Land Sales and Growing Customer Base
For its industrial estate segment, WHA has set a land sales target of 2,350 rai for 2025, which is a slight adjustment from the 2,535 rai target in 2024. The majority of these sales, exceeding 2,000 rai, are expected to come from its properties in Thailand, while sales in Vietnam are projected to fall short of the 650-rai target. Despite the lower volume, the value of the land sales is anticipated to increase by 10% from 2024 levels, highlighting the high value of new deals. The company has a strong pipeline of future sales, with a backlog of 1,467 rai valued at over THB 7.69 billion awaiting revenue recognition. Additionally, contracts are pending for more than 1,427 rai, valued at over THB 8.07 billion, with key clients in the electrical appliances and automotive tire sectors expected to finalize deals in the second half of the year. WHA’s customer base is increasingly diversified, with major clients from China, the United States, Japan, and Europe.
Expanding Leasing Business and New Ventures
In its logistics business, WHA aims to secure 200,000 square meters of new lease contracts in 2025, a significant increase from the approximately 160,000 square meters in 2024. In the first half of the year, the company successfully signed new contracts totaling 123,237 square meters, with an additional 31,729 square meters pending processing. WHA is also on track to sell 70,000 square meters of assets to WHA REIT in 2025, with an expected value of around THB 1.5 billion. For its new business, Mobilix, which specializes in large-scale EV car rentals, WHA has adjusted its vehicle lease target to 539 units from an initial 1,700 units due to delivery delays. The development of WHA Eastern Seaboard 5 Industrial Estate in Rayong province, a nearly 4,000 rai project, is proceeding on schedule with 30% completion and strong interest from potential customers. In its utilities and power segment for 2025, WHA projects a water sales and management volume of 166 million cubic meters, consistent with 2024 levels, while targeting a notable increase in power purchase agreements to 1,185 megawatts, up from 965 megawatts in 2024.
