WHA accounts: profit above cash, and dividends above the cash left over
WHA's operating cash flow has been below net profit in every period since 2024; in 2025 it was 0.26 times profit. Much of the profit comes from items that are not operating cash, and cash after investing falls well short of the dividend.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 5.00 | 17.4 | 1.97 | 11.7% | 74% | 4.27% | 76% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What WHA does
WHA Corporation PCL has five main businesses: warehouses and distribution centres, industrial estates, utilities and power (water and investments in power plants), digital services and mobility.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 14,982 | 4,046 | 44.7% | 4,422 | 4,383 | 0.1672 | 62% |
| 2023 | 15,519 | 4,426 | 46.4% | 4,998 | 1,231 | 0.1839 | 61% |
| 2024 | 12,605 | 4,359 | 54.0% | 2,926 | -2,124 | 0.1906 | 66% |
| 2025 | 16,432 | 5,135 | 48.7% | 1,323 | -2,108 | 0.2107 | 62% |
| H1 2026 | 6,110 | 2,167 | 45.7% | 1,346 | -323 | – | – |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Profit from many sources, not all of it cash
Net profit in 2025 was THB 5,135 million, but operating cash flow only THB 1,323 million. The gap has several sources.
Gains on selling warehouses into real estate investment trusts (REITs) count in net profit, but the proceeds from selling investment property are investing cash flows, not operating ones. Shares of profit from associates and joint ventures, such as power plants, are also in profit, but cash arrives only as dividends received.
Management's discussion and analysis (MD&A) separates profit from recurring income (rent, water, power) from gains on land and asset sales.
Dividends above cash after investing
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Cash after investing was negative in 2024 and 2025 (THB -2,124 million and THB -2,108 million), yet dividends from 2025 results came to about THB 3,149 million.
Over 2022–2025 cash after investing totalled THB 1,382 million against dividends of about THB 11,246 million. The gap had to come from borrowing or asset sale proceeds. D/E was 1.58x at 30 June 2026, and the payout from 2025 results 62%.
Latest results and news
- 10 August 2026 · Q2 2026 net profit of THB 659.2 million, down 32.7%; revenue and share of profit of THB 3,142.1 million, down 22.2%, as land and investment property sales fell while rental and utility businesses grew. InnovestX Café Invest
Figures to watch next
- Recurring profit against gains on land and asset sales, in the MD&A.
- Land transfers and plans to sell assets into REITs.
- Dividends received from associates against the share of profit booked.
- D/E and interest-bearing debt.
Questions
Why is WHA's profit above its operating cash flow?
Profit includes shares of associates' profit and gains on sales into REITs. Associates' profit becomes cash only as dividends received, and proceeds from selling investment property count as investing cash flow.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.