WHA progresses in Asean

SET-listed

WHA Corporation Plc expects a strong performance this year as it continues to expand its four core businesses locally and overseas.

“After having a very satisfactory performance last year, we will move forward to expand our four businesses in Thailand and abroad, particularly in Vietnam and Indonesia,” said group chief executive Jareeporn Jarukornsakul.

WHA has four core businesses, including rental warehouses and built-to-suit factories, industrial estates, utilities and power and digital services.

It recently got an investment registration certificate from the Vietnamese government to operate a 20,000 rai industrial estate in Vietnam.

In Indonesia, WHA has already invested in building warehouses covering 25,000 square metres.

Ms Jareeporn said WHA aims to become a leading operator in logistics, real estate and industrial estates in Asean over the next five years.

WHA recorded net profit of 2.89 billion baht last year, up 48.3%, with revenue totalling 19.3 billion, up 48%.

Contributing to the strong performance was revenue realisation from asset sales and transfers to WHA Premium Growth Real Estate Investment Trust (WHART) and Hemaraj Leasehold Real Estate Investment Trust (HREIT), and the expansion of its four businesses.

Last year, WHA realised 10.4 billion baht from the asset sales and transfers to the two REITs. In the fourth quarter, it sold assets worth 12.2 billion baht, of which 8 billion was sold to HREIT and the remaining 4.2 billion to WHART.

In the fourth quarter, WHA posted a net profit of 2.4 billion baht on total revenue of 13.9 billion.

WHA plans to list its subsidiary, WHA Utilities and Power (WHAUP), on the Stock Exchange of Thailand (SET) by March. WHAUP projects to float 229.5 million shares to the public.

The listing of WHAUP will help raise more funds for WHA and reduce its debt-to-equity ratio to 1.3.

Last year, WHA saw its gross profit margin at 59.9% and realised 13.1 billion baht in income from investing in subsidiaries.

WHA shares closed yesterday on the SET at 3.12 baht, unchanged, in trade worth 70.7 million baht.