WHAUP net profit soars with help from booked assets
SET-listed WHA Utilities and Power Plc (WHAUP) posted a 345% rise in net profit in the first quarter this year because of additional revenue from its integrated water and power supply businesses and booked assets transferred from its parent company, WHA Corporation Plc.
Chief executive Wisate Chungwatana said the company had earnings before interest, taxes, depreciation and amortisation (Ebitda) of 446 million baht, up 280% from the same period last year when it had Ebitda of 112 million.
Net profit jumped 345% from 61 million baht 12 months ago to 272 million in the first quarter, he said.
WHAUP is a subsidiary of SET-listed WHA, Thailand’s largest developer of builtto-suit logistics facilities.
Helping revenue and profit skyrocket were additional assets that were transferred from WHA in the first quarter.
As of March 31, the company’s total assets amounted to 18.9 billion baht, rising by 240 million baht from the end of 2016, mainly because of additional investment in six power projects under construction.
The key assets in WHAUP’s consolidated financial statements consist of 8.7 billion baht of investments in associates, 2.8 billion for building and equipment, and 2 billion in intangible assets.
“The positive figures can be attributed to improvements in every business ranging from water supply and power generation. The company has started commercial operations for its new power plants,” said
Mr Wisate.
WHAUP has seven power plants under construction, with equity-based power-generating capacity of a combined 192 megawatts.
Four plants are due to start commercial operations this year with a combined capacity of 160MW, helping generate revenue for the financial year.
The other three plants are due to start commercial operation during 2018-19, giving the company total power-generating capacity of 542MW in 2019, up from 350MW
at the end of 2016, he said.
For the utilities business, revenue grew from the increase in both raw water and industrial water sales volume, as well as wastewater treatment and management volume.
Revenue from the water and utilities business was 388 million baht, up 86% from the same period last year when it had revenue of 208 million, said Mr Wisate.
WHAUP shares closed yesterday on the Stock Exchange of Thailand at 25.25 baht, up 45 satang, in trade worth 54 million baht.