WHAUP Posts its Net Profit of THB 1,281.8 million in H1/2019 with the Solar Rooftop of 13.9 MW Signed in the First 7 Months and Expands its Water and Power Businesses to Build Long-Term Sustainable Growth
Bangkok – WHA Utilities and Power PLC (WHAUP) reveals its Q2/2019 performance ending 30 June 2019, with net profit of THB 857.5 million, rose by 189.8% YoY, due to the expansion of water business and the GHECO-One returned back to full operation after planned maintenance . The company has already secure the source of funds for investment in the water supply project in Vietnam. Currently, the solar rooftop business is closing to complete meet the target of singing 15 MW and heading for additional goals. The Retail Natural Gas Distribution in WHA Eastern Seaboard Industrial Estate 4 (WHA ESIE 4) with the capacity of 2 million BTU per year has started commercial since June 2019.
Mr. Wisate Chungwatana, CEO of WHA Utilities and Power PLC or WHAUP, disclosed the performance in Q2/2019 ending June 30, that the company posted its total revenue of 475.1 THB, rose by 12.2% YoY, and profit sharing from investment stood at THB 752.7 million, increased by 204.9% YoY. The increase was mainly from GHECO-One returned back to full operation after planned maintenance with solid operational results since 9 February 2019, Foreign Exchange Gain in Q2/2019 of THB 162.3 million, and newly COD of 1 SPP (GNLL2) since January 2019. WHAUP recorded its second-quarter net profit of THB 857.5 million, increased by 189.8% YoY and normalized net profit adjusted from gain or loss from foreign exchange was THB 695.3 million, increased by 46.9% YoY
For performance in H1/2019, WHAUP had its total revenue at THB 934.5 million, increased by 10.5% YoY, and profit sharing from investment was THB 1,091.9 million, increased by 20.5% YoY, This amount included Foreign Exchange Gain of Baht 256.9 million in H1/2019. WHAUP had its net profit of THB 1,281.8 million in H1/2019, increased by 26.6% YoY and normalized net profit of THB 1,024.9 million, increased by 28.0% YoY
For the power business, the Gulf NLL2 power plant achieved COD in January 2019 with an installed capacity of 127 MW, representing 32 Equity MW, and COD of solar rooftop business. As a result, WHAUP had its total capacity at the end of Q2/2019 stood at 554 Equity MW under operation.
For the solar rooftop business, WHAUP currently had signed new 13.9 MW in 2019 with closed to target of 15 MW, which achieved COD of 7.1 MW and under construction of 20.3 MW, and scheduled for COD in Q3/2019 to Q1/2020. Apart from this, the Waste-to- Energy power plant with 8.63 MW has its plan to achieve COD in Q4/2019.
Meanwhile, the natural gas distribution business of WHA Eastern Seaboard NGD 4 already started the COD in June 2019 with capacity to distribute natural gas of 2,000,000 million BTU per year. This is the second natural gas distribution project after the commercial success of retail natural gas distribution for WHA Eastern Seaboard NGD 2 late last year.
The company continue to expand its utilities business locally and abroad, particularly the water business. Recently, the company has signed a contract with Global Power Synergy Public Company Limited (GPSC) with initial order of 1.5 million cubic meters per year for Demineralized Water. In addition, the company has also signed a sale contract for clarified water with GC Oxyrane Co. Ltd (GCO), a manufacturer and distributor of propylene-oxide, which has water demand around 3.6 million cubic meters per year. It also entered a contract with GC Polyols Co Ltd (GCP), a manufacturer and distributor of polyether polyols, which has water demand about 0.3 million cubic meters per year
Board of Director on 8 August 2019 approved the investment in the water supply in Vietnam which is considered as the first investment in the household water project of the company. The company views that the investment in this project has the potential to grow in the future, apart from the production capacity of the project that has already started commercial operation and under construction. For the source of fund of this project, the company will use internal cash flow and loan from financial institution. However, the company has low debt to equity ratio of 0.76 times as of June 2019.