WHAUP shows 2018 Performance with a Record High Net Profit of Baht 2,251.9 Million With Proposed Dividend of THB 0.2115 per share

BackFeb 25, 2019

Bangkok –WHA Utilities & Power Plc (WHAUP) reveals its 2018 performance with total revenue from sales and services of THB 1,708.3 Million and a record high Net Profit of THB 2,251.9 Million or increased by 13.7% YoY, due to the growth of water sale volume and share of profit from investment of power business mainly from Gheco-One power plant and 5 SPPs operated full year after their COD in 2017. WHAUP’s Board of Directors also resolved to propose the 2018 dividend payment of THB 0.2115 per share to shareholder’s meeting. Mr. Wisate Chungwatana, CEO of WHAUP, outlines the 2019 business plan that WHAUP continues expanding its water business by targeting to sell 120 million cubic metre and adding another 43 MW to their portfolio totaling 570 MW. In additional, WHA Eastern Seaboard NGD 2 project will operate full year in 2019 after the start of COD in December last year.

Mr. Wisate Chungwatana, Chief Executive Officer of WHA Utilities & Power Plc (WHAUP), said that the 2018 total revenue from sales and service were at THB 1,708.3 Million, or increased by 4.6% YoY. While the share of profit from investment was at THB 2,047.4 Million, increased by 5.7% YoY, of which THB 55.3 Million came from foreign exchange gains. The company posted its Net Profit of THB 2,251.9 Million, increased by 13.7% YoY, and its Normalized Net Profit of THB 2,267.8 Million, or increased 61.2% YoY.

Contributing to the strong performance in 2018 was the increase of water sales in WHA Industrial Estates from the rise of demand from both new and existing customers, which made the total water sales in 2018 at 105 million cubic metre, increased from 100 million cubic metre in 2017. Besides, the power business had a growing capacity with additional 35 MW, started COD resulting to the total capacity based on the company’s shareholding of 521 MW.

The Board of Directors’ meeting on February 22, 2019, resolved to propose to the shareholders’ meeting to approve the dividend payment from the 2018 operating results at THB 0.2115 per share, or in the amount not exceeding THB 808,987,500. The record date for the shareholders who are entitled to receive the dividend (Record Date) will be on May 6, 2019 whereby the dividend payment date will be on May 22, 2019.

The CEO of WHA Utilities & Power noted that the overall business in 2019 will continue to growth for both utilities and power. Water sales is aimed at 120 million cubic metre and the solar rooftop business has plans to serve growing customers in WHA industrial estates as they are more aware about the importance of environment care and energy cost saving. For 2018, WHAUP has its COD capacity at 521 MW with 43 MW under construction and scheduled to achieve COD within this year. Solar Rooftop had 11.2 MW signed which are under construction and scheduled to achieve COD during 4Q2018 and 3Q2019.

WHA Eastern Seaboard NGD 2 project, its joint venture retail natural gas distribution business, achieved COD in December 2018 and will realize revenue from this project full year in 2019. Its investment project at WHA Eastern Seaboard Industrial Estate 4 is expected to be completed and start COD within 2Q2019.

The overseas investment, especially the utilities project in Vietnam, the company has already secured its right to operate the utilities business and provide water service in WHA Industrial Zone-1, Nghe An, which is currently under construction and will make a commencement for commercial operation in 3Q2019.