Tropicana reports 4Q revenue of RM520.9 million, 41.1% higher than corresponding quarter in preceding year

• In FY2024, Tropicana completed and delivered vacant possession for five projects across Klang Valley and Southern Region which has also contributed to its improved financial performance.

PETALING JAYA (Feb 28): Tropicana Corp Bhd reported a revenue of RM520.9 million for Dec 31, 2024 (4Q2024) which was RM151.8 million or 41.1% higher compared to the corresponding quarter in the preceding year, which was RM369.1 million (4Q2023).

This was mainly due to the higher progress billings across key projects in the Klang Valley, Southern and Northern Regions coupled with the completion of disposals of development land in Gelang Patah for a total consideration of RM185.3 million, stated Tropicana in a media release.

The group also recorded a profit before tax (PBT) of RM344.1 million as compared to a loss before tax (LBT) of RM126.6 million in the corresponding quarter in the preceding year.

For the financial year ended Dec 31, 2024 (FY2024), Tropicana recorded a revenue of RM1.4 billion, which was RM94.3 million or 6.3% lower when compared to the preceding year.

For FY2024, the group recorded a LBT of RM91.7 million compared to a LBT of RM100 million in FY2023, which was attributed to the recognition of one-off losses arose from the divestment of investment property.

Excluding the one-off losses from the disposal of investment property, the group would have recorded a higher profit before tax (PBT) of RM172.7 million, against the preceding year of LBT of RM100 million.

The divestment and land sale exercise were consistent with the group’s strategy to reduce its overall debt levels.

Tropicana’s financial position continues to improve, with gross gearing level reduced from 0.54 times as of Dec 31, 2023 to 0.43 times as of Dec 31, 2024.

In FY2024, the group completed and delivered vacant possession for five projects across Klang Valley and Southern Region which has also contributed to the group’s improved financial performance.

“Our performance in the fourth quarter and in the year reflects the resilience and strength of our team, as we continue to focus on future-proofing our businesses through a robust growth strategy. We will continue to unlock performance-driven initiatives, drive effective sales campaigns as well as create meaningful engagements with our stakeholders.”

“With our high unbilled sales and strategic properties across Malaysia, we enter 2025 in a position of strength and optimism. As a community planner, we will continue to connect communities, forge better futures and deliver sustainable growth", the management added.

Over the past few months, the property developer has announced successful Johor land sale of RM383 million to NTT Data Group and RM240 million land deal with Z Data Group, the 100% take-up announcement on Edelweiss Serviced Residences at Klang Valley and 60% take-up on Fraser Heights (Phase 1) in Tropicana Uplands Johor.

Tropicana Alam, the group’s latest township at Puncak Alam also recorded a 70% take up for its first phase Avisa Residences by unveiling its highly anticipated new show units to keen purchasers and registrants.

With Tropicana’s high unbilled sales of RM2.2 billion and a sizeable landbank of 1,877 acres with an estimated GDV of RM109 billion, the group is in a good position to deliver sustainable performance in the next few years.

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