WHAUP shows 39% revenue growth in the third quarter, fully embarking on the final curve

WHAUP announces its operating results for the third quarter of 2021, with revenue and profit sharing still growing, while the first 9 months of 2021 has revenue of 2,332 million baht and normal profit of 734 million baht, reflecting the growth of the utility-electricity business in Thailand. and Vietnam

November 14, 2021 Mr. Niphon Boondechanan Chief Executive Officer WHA Utilities and Power Public Company Limited (WHAUP) disclosed its operating results in the third quarter of 2021 that the Company recognized revenue and profit sharing from operations. normal work and profit from normal operations Which is the main index that reflects the operating results of 761 million baht and 277 million baht, respectively, an increase of 17% and 39% from the third quarter of 2020, while a net profit of 206 million baht, an increase of 10% from the third quarter of the year. 2020 reflects the growth rate of water sales and management in both the country and Vietnam. Including the commercial operation of solar energy projects that are continuously added.

For the first 9 months of 2021, the Company has revenue and profit sharing from normal operations. and profit from normal operations of 2,332 million baht and 734 million baht, an increase of 21% and 21% compared to the first nine months of 2020, while a net profit of 582 million baht, an increase of 6% compared to the same period of the previous year

utility business Overall, the utility business in both Thailand and Vietnam continued to grow. In the third quarter of 2021, there was a volume of water sales and management both domestically and internationally. The total amount was 35 million cubic meters, an increase of 25% from Q3 2020 and was at the same level as the sales and management of water in the 2nd quarter of 2021. While in the 9-month period of 2021, the volume of water sales and management both in the country and abroad, equal to 103 million cubic meters, an increase of 20% compared to the first nine months of 2020 due to increased water demand. both from existing customers who have expanded production capacity and new customers from power plants and petrochemical groups including returning to normal operations of customers in industrial estates

In this quarter, the Company recognized full quarterly revenue from the sale of water to the GSRC natural gas power plant of Gulf Energy Development Public Company Limited (GULF). Commercial Operations (COD) for Unit 1 has been in operation since April 2021, and additional water needs are expected from Unit 2, which will commence commercial operations in the 4th quarter of 2021.

Power Business In the third quarter of 2021, the Company’s share of normal profit from the electricity business amounted to 256 million baht, an increase of 4% compared to the third quarter of 2020, although a decrease of 7% compared to the second quarter of 2021. From the group of 8 SPP power plants with strong performance growth Increased sales of electricity to industrial customers Despite the negative factors from higher natural gas costs in the third quarter of 2021, while the IPP power plant group’s operating performance declined from the previous quarter and was the main factor causing the share of normalized profits in the power business when Compared to Q3 2020 and the first nine months of 2020, the Gheco-One coal plant had an additional 28-day maintenance shutdown in the quarter.

However, the company expects that in the last quarter of this year Normal profit share from the Gheco-One power plant will recover as the plant resumes normal operations.

In the renewable energy business, the Company continues to expand its investments, resulting in continuous growth in the portfolio. In the third quarter of 2021, revenue of 33 million baht came from solar power projects that have been operating in total of more than 50 megawatts. In the third quarter, the Company has signed 4 additional solar power purchase agreements, totaling 22 megawatts. One of the four projects is the Prinx Chengshan project with a capacity of 19 megawatts, which is a solar power purchase agreement that It has the highest megawatt size that the company has ever installed, with a contract term of 25 years. As of the end of the third quarter of 2021, the company has a total of 85 megawatts of power purchase agreements for solar power projects and the company is confident that by the end of this year it will be able to The total power purchase contract for solar power projects exceeds 90 megawatts, higher than the 2021 target.

Business overview in the last curve of this year that the company continues to expand its utility business inside and outside of WHA Group’s industrial estates in 11 locations in Thailand and 1 in Vietnam, including the development of innovative renewable energy solutions. especially in the solar power business, for example, collaborating with PTT Plc. and Sertis to develop a smart energy platform to buy and sell electricity from solar power among customers within WHA’s industrial estates, namely: P2P Energy Trading

At the same time, the company also testing the implementation of Battery Energy Storage System (BESS) in parallel with the production of electricity from solar energy. The company believes that these innovations will create opportunities to expand capacity in Renewable Energy and New Business Model for the Company can be significant

Most recently, on November 3, the Company received the Outstanding Innovative Company Awards from the SET Awards 2021 event organized by the Stock Exchange of Thailand (SET) with innovations from the project. Demineralized Reclaimed Water : Alternative Water Sources for Sustainable Development This is a prestigious award that reflects WHAUP’s identity. The company has also been selected and announced by the SET as one of the “Sustainable Shares” or listed companies listed in Thailand Sustainability Investment (THSI) for the year 2021 for the second consecutive year

In addition, the Board of Directors meeting Has resolved to approve the interim dividend payment At the rate of 0.0925 baht per share, the XD sign will be posted on November 25, 2021 and the dividend payment schedule will be made on December 8, 2021 respectively, reflecting the growth potential. and having consistent operating cash flows of the business As a result, the financial position is strong continuously. This is in line with TRIS Rating’s affirmation of the corporate and corporate ratings of the company’s corporate bonds at “A-” and revised upward to “stable”, reflecting the positive outlook on revenue growth prospects. Utilities and Energy and the stable financial position of the Company


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