WHA Utilities and Power Public Company Limited ("WHAUP") announced its Q1/2025 financial results with normalized net profit of 228 million baht and solar power business growing 45%. Meanwhile, CEO Somkiat Masunthasuwun continues to integrate AI innovations to enhance both utilities and power businesses, creating an ultimate sustainable growth opportunity.
WHA Utilities and Power ("WHAUP") has reported the Stock Exchange of Thailand about its Q1/2025 financial performance with the revenue and normalized share of profit of 937 million baht and normalized net profit of 228 million baht, declining by 10% and 39% YoY, respectively, while a net profit including foreign exchange impacts amounted to 224 million baht, down 52% YoY. The decrease in normalized net profit was primarily due to a reduction in the share of profit from the power business, especially from the Small Power Producer (SPP) segment, since there was an one-off insurance compensation in Q1/2024. Also, there was a lower share of profit from Gheco-One that posted a lower energy margin in this quarter. Nevertheless, the rooftop solar power business continued to show robust growth, driven by the consistent expansion of installed capacity.
Mr. Somkiat Masunthasuwun, Chief Executive Officer of WHA Utilities and Power Plc ("WHAUP") disclosed that for the utilities business, total water sales and management volume - both domestic and overseas markets reached 40 million cubic meters in Q1/2025, a 2% decline YoY. Domestic water sales and management volume fell by 5% YoY, mainly due to a temporary decrease in demand for raw and industrial water from power plants and petrochemical customers. On the other hand, value-added water product sales increased by 29% YoY, led by higher demand from new customers. In Vietnam, water sales and management volume rose by 12% YoY, mainly driven by the Duong River project's expanding service area and growing customer base both existing and new customers.
For the power business, WHAUP recognized revenue of 126 million baht from Private PPA solar rooftop projects in Q1/2025, a 45% increase YoY, thanks to the continuous expansion in operating capacity. By the end of Q1/2025, WHAUP had 154 megawatts of commercial rooftop solar capacity in operation and the Company accumulated another 15 megawatts of new Solar Private PPA signings during the quarter, bringing the cumulative Solar Private PPA contracted capacity to 305 MW. Based on WHAUP's equity megawatts, WHAUP's had total contracted power contracts of 980 MW, of which 704 MW are already in commercial operation.
In Q1/2025, the Company's normalized share of profit from the power business amounted to 168 million baht, down 36% YoY, mainly due to reduced profit contributions from the Gheco-One Power Plant, caused by a lower energy margin and impact from TFRS 15 accounting adjustments. Furthermore, unlike Q1/2024, this quarter did not have any insurance compensation income from the SPP power plants, resulting in a year-on-year decline in normalized share of profit from the SPP business.
Mr. Somkiat further stated that WHAUP's business operations align with WHA Group's mission, "WHA: We Shape The Future", by focusing on innovation in utilities and power business through the integration of AI technologies. In the water business, the Company has implemented Smart Water Solutions, using AI to enhance operational efficiency and customer service while minimizing water loss. In the power business, AI-driven innovations such as the Solar Anomaly detection system identifying abnormalities in solar panels which enables faster and more efficient panel maintenance, while Solar Forecasting system to predict solar power generation more effectively. WHAUP remains committed to expanding its investment in green projects to meet the future demands of the industrial sector, aligning its goal to become a leading utilities and energy provider contributing to sustainable national economic development.
On 22 April 2025, the Company's shareholders approved a dividend payment for the 2024 performance at 0.2525 baht per share. This includes an interim dividend of 0.0600 baht per share already paid on 4 December 2024, and an additional final dividend of 0.1925 baht per share, to be paid on 16 May 2025. The dividend reflects the Company's strong financial position and consistent cash flow from operations.