WHA Group reported 57% Q3 Net Profit Growth with Astonishing Prospect for Q4 as Number of New Projects lined up for Completion while announced THB 0.0815/share Interim Dividend to award Investors
Bangkok – WHA Corporation Public Company Limited or WHA Group announced its Q3 2019 performance with total revenue and share of profit from investment in subsidiaries and joint ventures at THB 2,244 million and net profit of THB 570 million, surging 57% or 102% growth on normalized basis. Higher revenue from land transfer together with the growth of utilities business and increase in profit sharing from power business made its nine-month net profit exceed THB 2,000 million. Group CEO "Jareeporn Jarukornsakul" indicated the business view for the Q4 2019 that the prospect will be greater from the highest land transfer in the year, receiving revenue from the asset monetization to WHART, growth in revenue from utilities business and strong revenue from power business which the Company has started COD a new Waste-to-Energy Power Plant since 7 November 2019.
Ms Jareeporn Jarukornsakul, Chairman of the Board and Group Chief Executive Officer of WHA Corporation PCL or WHA Group, the leader of integrated business in Logistics, Industrial Estates, Utilities & Power and Digital Platform, revealed that the Q3 2019 performance recorded total revenue and share of profit from investments in subsidiaries and joint ventures at THB 2,244 million, and its net profit was THB 570 million, surging 57% Y-o-Y or 102% growth on normalized basis.
For the nine-month period, WHA Group announced total revenue and share of profit from investment in subsidiaries and joint ventures of over THB 9,100 million and net profit of THB 2,000 million, increased 40% Y-o-Y. Contributing to the high net profit were the higher revenue from land transfer, reflecting the strong position for Thailand as the regional production hub, the US-China trade war, and the rising product cost in China, which drove investors to shift the production lines to Thailand. Moreover, the Thai government has actively promoted the investment in Thailand especially in Eastern Economic Corridor (ECC). Besides, WHA Group also generated higher revenue from the utilities business as a result of higher customers' demand and new power plants in industrial estates. For WHA Group, the performances of all power plants remained solid with continuing growth.
With the outstanding performance, WHA Group's Board of Directors approved to pay interim dividends at THB 0.0815 per share to award the investors and set the XD date on 21 November 2019 with the interim dividend payment date on 6 December 2019.
Ms. Jareeporn indicated that the overall business in the Q4 of this year will remain attractive as the strongest quarter. The Company will realize revenue from the asset monetization worth THB 4,880 million to WHA Premium Growth Real Estate Investment Trust (WHART) and the Q4 is the peak quarter for industrial land sale. In addition, the utility business is getting stronger supported by higher demand from both existing customers in industrial estates and new customers together with Duong River Project, the largest water supplier in Hanoi, Vietnam which the Company had already entered into the project investment since early Q4. Furthermore, on 7 November 2019, the Company has also started COD of Chonburi Clear Energy's Waste-to-Energy Power Plant ("CCE") with the capacity of 8.63 MW in WHA Chonburi Industrial Estate 1 and will officially announce on 25 November 2019. This will be second new power plant for the year after the GNLL2 Power Plant, the Company's 8th SPP, started COD in the first quarter.