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WHAUP Q3/2018 Net Profit grew 10.7% and the First 9-Month Net Profit surged Baht 1,600 Million. Targets to Sign More Solar Rooftop Agreements, Supporting Stable Revenue Growth

BackNov 12, 2018

Bangkok – WHA Utilities and Power PLC. (WHAUP) announced its performance for Q3/2018 with Net Profit of 631.1 MB or 10.7% growth YoY and the first 9-month of 1,643.2 MB or 6.5% growth YoY due to the growing demand for water sale volume, 5 SPP’s full quarter operation and solid operation from power business. Mr. Wisate Chungwatana”, CEO, indicated that the Company’s operation results for the last period of this year will continue growing after the customers had signed the Solar Rooftop agreements and more contracts to be signed with customer. He believed that the Company can achieve 10 MW in 2018 as planned, including the natural gas distribution business of “WHA Eastern Seaboard NGD 2 project” which will COD in Q4/2018, leading to the stable revenue growth of this year.

Mr. Wisate Chungwatana, Chief Executive Officer of WHA of Utilities and Power PLC., (WHAUP) disclosed that the Q3/2018 financial results ending September 30, 2018, the Company reported revenue from sales and services of 443.4 MB, or increased by 9.2% YoY. While the share of profit from investment was at 547.3 MB, or decreased by 1.2% YoY, The results have included foreign exchange profit of 124.9 MB in Q3/2018 and 119.7 MB in Q3/2017. As a result, the Company reported Net profit of 631.1 MB, or 10.7% increase YoY whereas the Normalized Net Profit was 577.4 MB, or a 28.2% increase from the same period of last year.

For the first 9 months of 2018, the Company’s revenue from sales and services was at 1,288.9 MB, or increased 7.4% YoY. While the share of profit from Investment was at 1,453.4 MB, or decreased 2.5% YoY, This included foreign exchange gain of 60.2 MB in the first 9-month of 2018 and 458.6 MB in the first 9 month of 2017. Accordingly, the Company reported the Net Profit of 1,643.2 MB, or increased 6.5 % YoY, and the Normalized Net Profit of 1,654.1 MB, or increased 52.5% YoY.

“ The increase of the operating results was owning to increase of sales volume within the WHA industrial estates from the expansion of both existing and new customers, as well as the increase of the power business’ operating results with the Company’s equity shareholding of 511 MW.”

Chief Executive Officer of WHA Utilities and Power or WHAUP added that for the overall business for the Q4/2018, the Company continued to grow from the previous quarter due to the utilities business growth from demand of water, and power business which gradually COD of Solar Rooftop and natural gas distribution business of WHA Eastern Seaboard NGD 2 project. The Company will therefore be confident that the overall revenue growth will be better than the previous year.

In addition, the installation of the Solar Rooftop service of the Company for customers in WHA’s industrial estates continues to grow since the customers have realized the importance of environmental conservation as well as the energy cost saving. At present, the Company has the COD capacity of 1.4 MW, whereby 6.5 MW is under construction, and another 2.1 MW is under negotiation for contract signing. Therefore, the total of 10 MW contract of Solar Rooftop service is expected to be completed by this year as planned.

The construction of the WHA Eastern Seaboard NGD 2 project is expected to be completed and distributed the natural gas to the customers at WHA Eastern Seaboard Industrial Estate 2 within Q4/2018. While the investment project at WHA Eastern Seaboard Industrial Estate 4 is expected to be completed and COD within 2019.

The oversea investment, especially the utilities project in Vietnam, which the Company received the rights to operate the utilities business in WHA Industrial Zone-1, Nghe An is currently under construction and will be commencement for commercial operation by 2019.