WHAUP Profit Soars 35% on Water & Electricity Demand Surge

MGR Online•Economy•16d ago

Reader Briefing

WHAUP reports a robust first quarter in 2026 with a 35% net profit increase, fueled by surging demand for water and solar energy.

•WHAUP announced a 35% year-on-year net profit increase to 303 million baht for the first three months of 2026.
•Strong demand from data centers, power plants, and petrochemical clients drove water utility revenue growth.
•The solar rooftop business saw significant expansion, with 372 MW of private PPA contracts signed.
•The company is anticipating future growth opportunities from the national power development plan (PDP) and direct PPA policies.

Overview

•In the first three months of 2026, WHAUP reported normal revenue and profit sharing of 1,003 million baht, a 7% year-on-year increase.
•WHAUP's net profit for the first three months of 2026 reached 303 million baht, a 35% year-on-year increase.
•Normalized net profit, excluding exchange rate impacts, was 201 million baht, down 12% year-on-year.
•Water utility segment revenue in the first quarter of 2026 was 945 million baht, a 64% year-on-year increase, mainly due to capacity charge recognition from new Data Center clients.
•Water sales and management volume increased by 9% year-on-year, driven by recovery in demand from power plants and petrochemical clients.
•Solar rooftop business (Private PPA) revenue was 163 million baht, a 30% year-on-year increase, with accumulated Private PPA contracts reaching 372 MW by the end of Q1 2026.
•In the first quarter of 2026, WHAUP signed an additional 9.9 MW Feed-in Tariff (FiT) project with the Provincial Electricity Authority (PEA), bringing the total FiT projects to six.
•Total electricity generation capacity by WHAUP, based on shareholding, stood at 1,058 MW at the end of Q1 2026, comprising 735 MW in operation and 323 MW under development.
•WHAUP recognized a 140 million baht share of loss from investment in the power business in Q1 2026, primarily due to the GHECO-One power plant undergoing maintenance for most of the quarter.
•WHAUP is monitoring government developments on the National Power Development Plan (PDP) and Direct PPA, with clarity expected in Q3-4 2026, presenting further business expansion opportunities.
•On April 22, 2026, shareholders approved a dividend for 2025 operations of 0.1982 baht per share, with an additional payment of 0.1925 baht per share to be made on May 18, 2026.
•WHAUP successfully offered bonds totaling 4,000 million baht in its first offering of 2026, including 1,000 million baht in Green Bonds, which were oversubscribed by 3 times.

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Key Quotes

Akkarin Prathuangsit

"The company continues to monitor government clarity on the national power development plan (PDP) and the liberalization of direct power trading (Direct PPA), expected in Q3-4, which will be a key opportunity for business expansion."

บริษัทฯ ยังคงติดตามความชัดเจนของภาครัฐเรื่องแผนพัฒนากำลังการผลิตไฟฟ้าของประเทศ (PDP) รวมถึงการเปิดเสรีการซื้อขายไฟฟ้า (Direct PPA) ซึ่งคาดว่าจะมีความชัดเจนในช่วงไตรมาส 3-4 ซึ่งจะเป็นโอกาสสำคัญในการขยายธุรกิจของบริษัทฯ ต่อไป

Key Entities

Organization

WHA Utilities and Power Public Company Limited(ดับบลิวเอชเอ ยูทิลิตี้ส์ แอนด์ พาวเวอร์ จำกัด (มหาชน))ℹ️

A Thai utility and power company that reported strong financial performance in the first quarter of 2026.

WHAUPℹ️

Abbreviation for WHA Utilities and Power Public Company Limited, the subject of the news report.

Provincial Electricity Authority(การไฟฟ้าส่วนภูมิภาค)ℹ️

The Thai state-owned electricity distribution company that WHAUP signed a Feed-in Tariff project with.

GHECO-One Power Plant(โรงไฟฟ้าเก็คโค่-วัน)

A power plant that experienced maintenance issues, impacting WHAUP's investment in the power business.

Person

Akkarin Prathuangsit(อัครินทร์ ประเทืองสิทธิ์)

Chief Executive Officer of WHA Utilities and Power Public Company Limited.

Law

National Power Development Plan(PDP)

A government plan for Thailand's electricity generation capacity, which WHAUP is monitoring for expansion opportunities.

Direct Power Purchase Agreement(Direct PPA)

A policy for direct electricity trading that WHAUP anticipates will be clarified and provide business opportunities.

Private Power Purchase Agreement(Private PPA)

Contracts for solar rooftop electricity sales that have significantly grown for WHAUP.

Feed-in Tariff

A policy for renewable energy projects with WHAUP having secured several such contracts.

Environmental, Social, and Governance(ESG)ℹ️

Criteria that WHAUP aligns with through its environmentally friendly projects and sustainable operations.

Green Bondℹ️

A type of bond issued by WHAUP for environmental projects, demonstrating a focus on sustainability.