WHAUP shows impressive Q1/2024 performance as the utilities and power businesses drive its 1.07 billion baht revenue.
WHA Utilities and Power Plc (WHAUP), CEO Somkiat Masunthasuwun said the company has robust Q1/2024 financial
results with the utilities and power businesses boosting total revenue of 1.07 billion baht, grew by 29%. Net profit to 372 million baht, a 62% growth year-on-year.
Net profit including the foreign exchange impact was recorded at 470 million baht,
A 83% rise year-on-year, mainly attributed by an increase in normalized share of profit from the power business.
The SPP Power business benefit from the lower natural gas costs compare to the same period
of the previous year, resulting in a greater margin of power sales to industrial customers. Meanwhile. water sales volume in both Thailand and Vietnam continue to grow steadily.
Mr Somkiat Masunthasuwun, chief executive officer of WHA Utilities and Power Plc (WHAUP)
reveals that the total volume of water sales and water management in the utilities business both domestic and overseas reaching 40 million cubic meters in the first quarter of 2024.
leading to a 16% increase year-on-year.
Domestic water sales and water management rose by 14%
driven by growth in all product categories, particularly raw water because of higher demand from power and petrochemical sectors.
Continues to expand water business
For the overseas water business, it continued to expand in Q1/2024,
with total equity water volume was 8 million cubic meters, up 23% year-on-year. The contribution is from an increase in water sales volume from the Duong River project backed by higher water demand.
The company has signed a service contract to provide Premium Clarified Water product with annual production capacity of 3.5 million cubic meters, to PTT Global Chemical Plc, in WHA Eastern Industrial Estate (Map Ta Phut).
The company expects the new water project will start a commercial operation in the third quarter of 2024.
Regarding solar power business in Q1/2024, the company signed additional Private Power Purchase Agreements (PPAs) projects totaling 15 contracts, aggregating the total installed capacity of 59 megawatts.
As of the end of the 1st quarter of 2024, the company has Private PPA for solar rooftop projects with total cumulative contracted capacity of 242 MW, of which 125 MW already operate.
For solar farms in the FiT scheme, the company has been awarded as an operator of five solar power projects with a total equity capacity of 125.4 MW.
Currently, the company successfully signed power purchase agreements of 4 projects with the equity capacity of 85 MW with EGAT and PEA.
Overall, the company has a total contracted equity capacity of 812 MW across all types of power plants. It targets to reach more signings of power purchase agreements with equity capacity totaling 1,000 MW by the end of this year.
Focuses on clean energy
The company has a focus on furthering the clean energy business through the development of new energy innovations and solutions. The move is an opening the EV chargers to align with WHA Group’s green logistics investment plan. The company aims to expand the EV business to 120 chargers by the end of this year.
The company has a strong commitment to achieve Net-zero greenhouse gas emissions by 2050 to ensure sustainability growth alongside the good responsibilities of environmental, social and corporate governance.
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