WHA Group Strong Performance and Growth Continues Across Business Hubs

MGR Online•Economy•16d ago

Reader Briefing

WHA Group reports robust first-quarter financial results driven by strong performance in industrial estates and logistics, projecting continued growth for 2025.

•WHA Group achieved significant land sales in its industrial estates during the first quarter of 2025, totaling 951 rai, with an ambitious target of 2,500 rai for the year.
•The logistics business demonstrated outstanding growth, supported by increasing demand for short-term leases and the expansion of warehouse space.
•Utilities and power businesses showed strong recovery, benefiting from increased water usage by the power plant and petrochemical sectors.
•The company's overall performance in Q1 2025 saw total revenue and profit share of 3,294 million baht, with normal profit at 1,445 million baht.

Overview

•In the first quarter of 2026, WHA Group commenced construction on the WHA Mega Logistics Center Chon Harn Phichit Km.4 Project 2.
•In the first quarter of 2026, WHA Group had a total land sales of 951 rai, with a backlog of 1,426 rai awaiting transfer.
•Global megatrends of production base relocation into industrial estates are driving demand for WHA's land in 2026.
•The WHA Mega Logistics Center Bang Na-Trat Km. 23 (inbound) and Theparak Km. 21 projects are nearly fully leased.
•Increased water demand from power plants and petrochemical groups resulted in a 9% and 10% year-on-year increase in raw and industrial water sales respectively in Thailand during the first quarter of 2026.
•In the first quarter of 2026, WHA Group's solar power sales reached 76 GWh, a 55% increase from the previous year.
•WHAUP signed an MOU with Apex Circuit (Thailand) to develop a 17 MW solar project as part of its strategy to promote direct power purchase agreements (Direct PPA) and third-party access (TPA).
•WHA Group's shareholders approved a dividend payout for 2025 of 0.2107 baht per share, with the final payment scheduled for May 28, 2026.

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Key Quotes

Jareeporn Jarukornsakul

"For the first quarter's performance this year, the industrial estate business, especially land sales reaching 951 rai, and the logistics business's outstanding growth, along with the continuously expanding utilities and power businesses, reflect WHA Group's stable growth potential."

สำหรับผลงานในไตรมาสแรกของปีนี้ ธุรกิจนิคมอุตสาหกรรม โดยเฉพาะยอดขายนิคมฯ ที่พุ่งแตะ 951 ไร่ และธุรกิจโลจิสติกส์ที่เติบโตโดดเด่น รวมถึงธุรกิจสาธารณูปโภคและไฟฟ้าที่ขยายตัวต่อเนื่อง ซึ่งสิ่งเหล่านี้สะท้อนถึงศักยภาพการเติบโตอย่างมั่นคงของ WHA Group

Jareeporn Jarukornsakul

"In February, the company signed a land sale agreement with a major data center customer for over 900 rai, reflecting confidence in Thailand's infrastructure and ecosystem ready to support digital industries and modern technology."

ช่วงเดือนกุมภาพันธ์ ที่ผ่านมา บริษัทได้ลงนามสัญญาซื้อขายที่ดินกับลูกค้าดาต้าเซ็นเตอร์รายใหญ่ พื้นที่กว่า 900 ไร่ สะท้อนความเชื่อมั่นต่อโครงสร้างพื้นฐาน และระบบนิเวศที่พร้อมรองรับอุตสาหกรรมดิจิทัล และเทคโนโลยีสมัยใหม่ของไทย

Key Entities

Organization

WHA Corporation(ดับบลิวเอชเอ คอร์ปอเรชั่น)ℹ️

A Thai industrial estate developer and operator reporting strong first-quarter financial results in 2026.

WHA Groupℹ️

The conglomerate that reported robust performance in industrial estates, logistics, utilities, and power during the first quarter of 2026.

Apex Circuit (Thailand)

A company that signed an MOU with WHAUP to develop a 17 MW solar power project.

WHART(กองทรัสต์ WHART)

A trust fund that approved an investment in additional assets totaling over 99,390 sq.m. for 2,508 million baht.

WHAIR(กองทรัสต์ WHAIR)

A trust fund that will consider an investment in assets and related assets totaling 45,000 sq.m. for approximately 1,100 million baht in Q2 2026.

Mobilix

WHA Group's brand for green logistics solutions, offering EV Rental Service, EV Charging Solution, and Mobilix Software Solution.

WHAUP

The power business division of WHA Group that signed an MOU for a solar project and experienced a profit share decrease due to power plant maintenance.

Person

Jareeporn Jarukornsakul(นางสาวจรีพร จารุกรสกุล)ℹ️

Chairwoman of the Executive Board and Group CEO of WHA Group, who commented on the company's strong Q1 2026 performance.

Place

WHA Eastern Seaboard Industrial Estate 5

A new industrial estate project of WHA Group with 7,250 rai, expected to start land transfers in Q2 2026.

WHA Mega Logistics Center Bang Na-Trat Km. 23 (inbound)(WHA Mega Logistics Center บางนา-ตราด กม. 23 (ขาเข้า))

A logistics center project by WHA Group that is nearly fully leased.

WHA Mega Logistics Center Theparak Km.21(WHA Mega Logistics Center เทพารักษ์ กม.21)

A logistics center project by WHA Group that is nearly fully leased and has a phase 3 under construction.

WHA Mega Logistics Center Chon Harn Phichit Km.4 Project 2(WHA Mega Logistics Center ชลหารพิจิตร กม.4 โครงการ 2)

A new logistics center project by WHA Group that began construction in October.

WHA Manufacturing Park 331

A new strategic logistics park by WHA Group to accommodate increasing industrial customers.

Minh Quang Industrial Zone, Hung Yen Province(นิคมอุตสาหกรรมมินห์กวาง จังหวัดฮึงเอียน)

WHA Group's first logistics center in Vietnam, which has achieved an occupancy rate of over 80%.

WHA Industrial Zone 1–Nghe An

A developed industrial zone in Vietnam managed by WHA Group.

WHA Smart Technology Industrial Zone 1–Thanh Hoa

A developed industrial zone in Vietnam managed by WHA Group.

Gekko One Power Plant

A power plant whose maintenance in Q1 2026 affected the profit share from the power business for WHAUP.

Law

Mobilix Software Solution

A digital platform developed by WHA Digital for managing electric vehicles and batteries.

WHASApp

A digital platform by WHA Digital featuring CO2ZERO for real-time carbon footprint management and WeCYCLE for recycling management.