SET-listed WHA Utilities and Power (WHAUP), an arm of WHA Corp, Thailand's biggest industrial land developer and operator, plans to generate 35 billion baht in revenue by 2030 through business expansion, especially supplying more water to customers in the growing data centre sector.
Resource-hungry data centres require a substantial supply of power to run servers and a huge amount of water to cool the systems.
To achieve its revenue target, the company announced it will allocate an investment budget worth 29 billion baht for business development projects between 2025 and 2030, said Somkiat Masunthasuwun, chief executive of WHAUP.
WHAUP wants to maintain its earnings before interest, taxes, depreciation and amortisation margin at more than 50%, he said.
Higher revenue is possible if the company expands its services to cover customers both inside and outside industrial land developed by WHA.
In 2025, WHAUP will focus on service expansion in WHA industrial estates, which have the potential to grow, driven by customers in tech-related businesses, especially data centres, said Mr Somkiat.
The company wants to benefit from high demand for water among data centres by providing them "value-added water", he said.
Mr Somkiat did not elaborate on the specific properties of this type of water.
He said WHAUP would seek new raw water sources to ensure the company has sufficient supplies to serve customers.
WHAUP plans to expand its water business outside WHA industrial estates by participating in the government's water and wastewater projects.
The company set a target to sell 173 million cubic metres of water domestically and overseas this year, up 4% from 2024.
The largest portion of this water, accounting for 132 million cu m, is for customers in Thailand, with the remainder being exported to Vietnam.
In the power business, the company signed 76 additional solar power project contracts with industrial clients, equivalent to 106 megawatts.
The result is 965MW in total electricity purchase agreements at the end of 2024.
WHAUP operates renewable energy and rooftop solar panel businesses.
The company plans to increase its total electricity generation capacity to 1,185MW this year, said Mr Somkiat.