WHA Corporation Public Company Limited (WHA Group) recently announced impressive financial results for the first quarter of 2025, showcasing a remarkable 61% increase in net profit year-on-year. The company reported a normal profit of 2,065 million baht, contributing to total revenues and profit shares of 5,193 million baht, with a net profit of 2,075 million baht.
Jareeporn Jarukornsakul, the Group’s CEO and Chairman of the Board, expressed pride in the company’s performance, attributing the growth to the continued expansion of its five business segments, particularly in logistics. The company manages and operates a total area of 3,092,621 square meters, which has enabled it to generate significant revenue from leasing and real estate services.
In a noteworthy development, WHA has secured a deal to sell 450 rai of land to a major data center client, further solidifying its position in the logistics market. The demand for high-quality logistics centers remains robust, with a recent award for a Built-To-Suit project of approximately 40,000 square meters valued at about 1,600 million baht.
The company is also expanding its logistics footprint in Thailand, with new projects including the WHA Mega Logistics Center in Chonburi and Theparak, which collectively add 380,000 square meters of logistics space. In Vietnam, WHA has launched its first logistics center within the Minh Quang Industrial Estate, covering 37,500 square meters, and signed a Memorandum of Understanding (MOU) with the Thanh Hoa provincial government to explore further logistics developments in a 300-rai area.
On the investment front, WHA Premium Growth (WHART) plans to sell leasehold rights and/or properties valued at approximately 1,500 million baht this year, with a total area of around 70,000 square meters. The company currently operates 16 industrial estates across Thailand and Vietnam, with ongoing development projects covering 9,681 rai in Thailand alone.
In the water utilities sector, WHA reported a revenue of 747 million baht for Q1 2025, with total water sales amounting to 40 million cubic meters. While water sales in Thailand saw a slight decline to 30.9 million cubic meters, the company experienced a 29% increase in sales of value-added water products compared to the previous year.
WHA's energy division also performed well, generating 132 million baht in revenue from solar power, with a total installed capacity of 980 megawatts, including 704 megawatts currently operational. The company has signed contracts for Private Power Purchase Agreements (PPAs) totaling 305 megawatts, further enhancing its position in the renewable energy sector.
In terms of digital transformation, WHA is committed to becoming a technology-driven organization. The company is developing a comprehensive electric vehicle (EV) ecosystem through its Mobilix platform, which includes EV rental services and charging solutions. In Q1 2025, WHA recorded 360 EV rentals and aims to expand its user base significantly.
As a testament to its strong performance, WHA announced a dividend payout of 0.1237 baht per share for the fiscal year 2024, with the XD marking occurring on May 7, 2025, and payment scheduled for May 23, 2025. This reflects the company’s solid financial health and commitment to returning value to its shareholders.
Furthermore, WHA Group has received several accolades, including the "Thailand Top Company Awards 2025" in the transportation and logistics category, and recognition for promoting employee health through the WHAbit application.
Meanwhile, True Corporation Public Company Limited (TRUE) has also made headlines with its first-quarter results for 2025, reporting a net profit of 1,634 million baht. This marks a significant turnaround for the company, which has seen its financial performance improve following the merger with DTAC.
TRUE’s CEO, Sigve Brekke, highlighted the merger as a monumental achievement in the telecommunications sector, aimed at enhancing operational efficiency and creating synergies between the two companies. The company’s EBITDA rose by 7.1% to 25,269 million baht, demonstrating positive momentum.
However, TRUE faced challenges with a decline in mobile service users, dropping by 638,000 to 48.8 million, a decrease of 1.3% from the previous quarter. Despite this, the number of postpaid users grew slightly by 0.2%, indicating a focus on acquiring quality subscribers.
The company also reported a one-time cost of 2,857 million baht related to the modernization of its network, which impacted its overall financial results. After adjusting for these costs, TRUE’s adjusted net profit reached 4,331 million baht, showcasing the potential for future growth.
In terms of revenue, TRUE reported a total of 51,436 million baht for Q1 2025, reflecting a modest increase of 0.2% compared to the previous year. The company’s focus on improving operational efficiency has led to a reduction in operating expenses, with significant savings in network costs and selling, general, and administrative expenses.
As TRUE continues to evolve post-merger, it aims to position itself as a leading telecom-tech company, leveraging technology to drive growth across various sectors of society. The company is optimistic about its future prospects and remains committed to creating long-term value for its stakeholders.
