Message from The CEO

The Company’s performance in the past year has been overall successful, driven by the execution of its strategic plans which include a focus on renewable energy and the development of value-added products. Moreover, the Company has benefited significantly from large-scale investments in WHA Industrial Estates, enabling it to successfully secure contracts for water management services in industrial estates across Thailand and Vietnam. These contracts will lay a profound foundation for the Company’s sustainable growth. The customers have substantial demand for utilities, such as water and renewable energy. Additionally, the Company has integrated technology to enhance operational efficiency, reduce costs, minimize losses, and improve customer service quality. The Company is also well-prepared to explore new business opportunities to meet customer needs in today’s dynamic environment.

Despite challenges in 2024, the Company’s performance remained strong. In the utilities business, total water sales and management was 166 million cubic meters, a 7% growth compared to the previous year. Domestic water sales amounted to 129 million cubic meters, up 6% from a 39% surge in value-added water products. In Vietnam, water sales and management volume stood at 37 million cubic meters, increased by 10%, driven by growth from the Duong River Surface Water Plant JSC (SDWTP) project. The Company continues to focus on expanding services to customers in WHA industrial estates, particularly in new customers in technology sectors such as data centers. Additionally, The Company is also focusing on producing value-added water to better serve customers. In 2024, the Company signed a contract to supply premium clarified water, totaling 3.5 million cubic meters annually, with a contract value exceeding 1.5 billion Baht over its term. The Company is also dedicated to sourcing alternative raw water supplies to ensure stable sourcing and meet increasing customer demand. Furthermore, it is exploring opportunities to expand its utilities business outside WHA industrial estates.

Regarding power business performance, the Company has gained the trust of industrial customers both within and beyond WHA industrial estates in the solar rooftop sector. As a result, in 2024, the Company signed 76 new solar rooftop project contracts, totaling 106 megawatts of capacity. By the end of 2024, the Company had an cumulative capacity of 290 megawatts in Private PPA contracts. Additionally, the total power purchase agreements across all types of power plants reached 965 megawatts, with 701 megawatts in operation and 264 megawatts under construction and development. The Company continues to expand its investments in renewable energy, both within WHA industrial estates and beyond, in Thailand and internationally. The focus remains on solar rooftop projects and Feed-in-Tariff renewable energy generation. Furthermore, the Company is prioritizing the development of large-scale projects, such as solar farms, and investing in transmission lines to customers via Direct PPA projects. These initiatives will reduce risks and increase the Company’s competitive edge.

For the financial performance in 2024, the Company reported total revenue and share of normalized profit of 3,959 million Baht, a net profit of 1,119 million Baht, and a normalized net profit of 1,118 million Baht. As of 31 December 2024, the total assets amounted to 31,247 million Baht, with a net debt-to-equity ratio of 1.1 times.

The Company is dedicated to continuously advancing its utilities and power businesses through the integration of technology and innovation. This approach aims to enhance operational efficiency, improve competitive capabilities, reduce costs, and transform the organization into a tech-driven organization. For example, the Company has adopted Artificial Intelligence (AI) to develop Smart Water Solutions, optimizing operations, reducing costs, and minimizing water loss in the utilities sector. In the energy sector, AI is utilized to create the Solar Anomaly system, which accurately detects potential issues with solar panels with accuracy, allowing for swift maintenance and problem resolution. The Company also leverages the Solar Forecasting System to predict energy production and streamline maintenance planning. In addition, the Company has introduced a Peer-to-Peer (P2P) Energy Trading platform and a platform for trading renewable energy certificates (I-REC), both of which promote the use of clean energy and align with the Company’s sustainability goals. The Company is also actively exploring investment opportunities in emerging new S-curve businesses that will shape the future of the energy industry, including Small Modular Reactors (SMR), Battery Energy Storage Systems (BESS), and Carbon Capture, Utilization, and Storage (CCUS) technologies.

In addition, reflecting the Company’s commitment to sustainable business practices, it received the highest SET ESG Rating of “AAA” for the second consecutive year. The Company was also honored with the “Good Citizen, Earth Guardian” award from the Senate and selected for the ESG Emerging List 2024 and the ESG100 by Thaipat Institute. These awards reflect the Company’s strategy to drive business growth through investments in utilities (water) and clean energy sectors, while concurrently focusing on environmental, social, and governance (ESG) principles. This approach supports sustainable investment that delivers long-term returns.

In closing, on behalf of the management team of WHA Utilities and Power Public Company Limited, I would like to express my sincere gratitude to our shareholders, customers, and business partners for their unwavering trust and ongoing support. I also extend my appreciation to the Board of Directors, the executive team, and all employees for their dedication and collaboration in moving the organization forward. The Company remains dedicated to driving sustainable growth and creating value for all stakeholders in the future.