Adapting to Challenges While Maintaining Revenue
WHA Utilities and Power Public Company Limited (WHAUP) has reported a normalized net profit of 460 million Baht for the first half of 2025, on total revenue of 1,898 million Baht. Despite these solid top-line figures, the company’s year-on-year profit saw a decline, primarily attributed to lower earnings from its power business. This downturn was a direct consequence of higher natural gas costs, a lingering effect from a past government gas price-fixing policy. In response to these challenges, CEO Somkiat Masunthasuwun has affirmed a proactive business strategy centered on expanding utility services, with a specific emphasis on catering to the rapidly growing demand from high-consumption clients such as data centers. This strategic shift is designed to secure new revenue streams and build resilience against external price pressures, ensuring the company can sustain its performance amidst a volatile energy market.
Strategic Investments in Utilities and Renewable Energy
The company’s utilities business has been a pillar of strength, maintaining a consistently robust performance with revenue from its water segment totaling 1,216 million Baht in the first half of the year. This stability was driven by strong sales of value-added water products and the positive recognition of charges from data center clients. The company’s international water sales also performed well, with its Vietnam operations showing a notable 21% year-on-year increase in profit share, and this strong momentum is expected to continue throughout the second half of 2025. On the power front, the solar rooftop segment was a significant growth driver, with revenue from Private Power Purchase Agreements (PPAs) rising by 22% year-on-year. WHAUP further strengthened this segment by signing 21 new solar rooftop project contracts with a combined capacity of approximately 26 MW, signaling a strong future in renewable energy.
Reinforcing Business Fundamentals and Sustainable Growth
Beyond its operational performance, WHAUP has also demonstrated strong business fundamentals and a commitment to sustainable growth. The company successfully issued its first debentures for 2025, raising a substantial 3.5 billion Baht to meet overwhelming demand, a testament to strong investor confidence in its long-term strategy. This financial achievement comes as WHAUP secures a coveted spot on the ESG100 list from the Thaipat Institute for the second consecutive year. This recognition highlights the company’s unwavering dedication to environmental, social, and governance principles and its role as a responsible corporate citizen. These accomplishments collectively reinforce WHAUP’s solid business foundation and its strategic focus on achieving both financial success and sustainable development in its sectors.
