Bangkok – WHA Utilities and Power PLC. (WHAUP) announced its performance for Q2/2017 with the Net Profit of THB701 million, surging 169% from the previous year, leading to the net profit growth of 202% for the first half of 2017 due to the growth of water and power businesses as planned which mainly resulted from the increase of the water demand and GHECO-One back to full operation with enhanced efficiencies after planned major maintenance 1Q2017 as well as the commercial operation of a SPP. Mr. Wisate Chungwatana, WHAUP's Chief Executive Officer revealed that in August the company plans for debenture issue with the amount not exceeding THB4 billion to refinance the existing debt, hence reducing its financial cost. Additionally, the company aims the target of 100% growth of this year’s revenue and share of profit from the previous year, due to water demand growth and commence of commercial operations of the 4 SPPs. The company also plans for the roadshows in Singapore and Hong Kong in this September.
Mr. Wisate Chungwatana, Chief Executive Officer of WHA Utilities and Power PLC., or WHAUP disclosed that the Q2/2017 financial results ending June 30, the company recorded Revenue from Sales and Services (Utility Business) of THB405 million and the Share of Profit from Investment (Power Business) of THB686 million, leading to the company’s Net Profit of THB701 million, or a169% increase from the same period of last year.
For the first 6 months, the Company had the Net Profit of THB973 million or a 202% increase from the same period of last year.
The solid performance of the Q2/2017 reflected the increase of water demand and the full operation of GHECO-One in Q2/2017 after its 36-day planned maintenance in Q1/2017 with enhanced efficiency, leading to the increase of the revenue. In addition, the 130-MW GVTP achieved its commercial operation on May 16, 2017. There also were additional revenue from business interruption claims of power plants, in proportion to our shareholding, of approximately THB 100 million.
Utilities business has been growing with an increasing revenue trend corresponding to the continuously growing demand from industrial customers. Besides, WHAUP has the exclusive rights to provide Raw Water, Industrial Water and Wastewater Treatment Service in Industrial Estates and Industrial Lands of WHA Group.
Mr. Wisate Chungwatana added that for the year 2017, the company’s revenue and share of profit in 2017 is expected to increase approximately 100% this year from THB 1,756.2 million of the previous year. The company expects total water sales and services volume this year could reach 100 million cubic meters, from 82 million cubic meters of last year mainly due to the commencement of commercial operation of the 4 SPPs, including growing water demand from new customers and existing customers within the industrial estates.
The power business also has a full year operation of 350 MW equity and the commencement of the commercial operation of the 4 SPPs with the average capacity of 130 MW per plant, the first one already started its commercial operation in Q2/2017, and another 3 plants will start in July, September, and November, respectively, totaling 480 MW equity.
Meanwhile, the company plans to issue a three-year debenture with the amount not exceeding THB4 billion to refinance the current debt in August. The issuance of the debenture is aimed to reduce financial cost of the company, thus adding a positive impact to the profit of the company.In this September, the company has planned for the roadshows in Singapore and Hong Kong to provide company’s information, investment plan, and growth prospect to existing and potential investors.