Message from The CEO
In the past year, the Company has made continuous strides in driving growth in the utilities and power sectors to enhance competitiveness both domestically and internationally. Through a steadfast pursuit of new business opportunities, coupled with advancements in driving sustainable growth not only within the WHA industrial estates but also beyond which undoubtedly gave rise to the robust growth in the overall performance for the year 2023.
In the utilities sector, the Company has remained strong to strive, with the total volume of water sector within and outside Thailand, reaching 155 million cubic meters. This marks a 7% increase compared to the previous year. The domestic water business has benefited from the increasing demand for water, especially raw water, and value-added products. Meanwhile, the water business in Vietnam has experienced a remarkable growth, particularly the Doung River project. This growth is attributed from the rising demand for water due to the economic expansion within Vietnam as well as the extension of water supply services. As a result, the total volume of water sales and management in Vietnam was 34 million cubic meters, an increase of 18% compared to 2022.
The power business has also seen an impressive growth over the past year, driven largely by a number of investments in solar energy projects. In 2023, the Company signed contracts for solar rooftop projects with industrial customers in form of private PPA totaling 50 megawatts. Additionally, the Energy Regulatory Commission (ERC) has awarded the Company to develop solar power plants under the Feed-in Tariff (FiT) Phase 1 scheme comprising 5 projects with the contracted capacity of 125 equity megawatts. When aggregating such projects, the Company will have accumulated equity power purchase agreements from all types of power plants totaling 858 megawatts at the end of 2023.
For the Company’s performance in 2023, the Company had total revenue and normalized share of profit amounting to 4,228 million Baht, divided into a net profit of 1,631 million Baht and a normalized net profit of 1,587 million Baht, marking a 254% increase compared to the previous year. As of 31 December 2023, the total asset value stood at 29,830 million Baht, and the net interest-bearing debt-to-equity ratio was 1.02 times.
The Company continues to drive investments in utilities and power businesses consistently and relentlessly to foster growth and fortify the business. The emphasis is placed on adopting innovations and technologies to expand and create new businesses, such as the development of a smart water platform with artificial intelligence (AI), electric vehicle charging stations, peer-to-peer energy trading platform, and exploring infinite possibilities for investments in new S-curve businesses. Simultaneously, the Company places an utmost interest on the business sustainability. In 2023, the Company recognized its Commended Sustainability Awards at the SET Awards 2023, as well as being nominated and selected as a ‘sustainable stock’ for the year 2023 and achieving sustainable stock status for 4 consecutive years from the Stock Exchange of Thailand. Furthermore, it has been assessed with SET ESG Ratings at AAA level, which is the highest ranking, Those prestigious award boasts the Company’s commitment to sustainable business operations with a focus in all dimensions, including environmental, social, economic, and governance (ESG).
Ultimately, on behalf of the Management team of WHA Utilities and Power Public Company Limited, I would like to express my deepest gratitude to our shareholders, business partners, customers, and all stakeholders for their unwavering support and trust. I also would like to send appreciation to all employees for their firm dedication and collaborative contributions for all achievements in 2023.