Petaling Jaya (30 May 2024) – Tropicana Corporation Berhad (“Tropicana” or “Group”) has reported an impressive set of unaudited financial results for the first quarter ended 31 March 2024 (“Q1 2024”). The Group’s revenue surged to RM291.3 million, marking a 13.5% increase compared to the corresponding quarter in the previous year (Q1 2023: RM256.7 million). Notably, the profit before tax (“PBT”) witnessed a dramatic rise to RM22.3 million in Q1 2024, a substantial improvement from the RM0.8 million recorded in Q1 2023.
This notable growth in revenue and PBT is primarily attributed to higher progress billings achieved across key projects in the Klang Valley, Southern, and Northern Regions. Additionally, the disposal of a parcel of development land in Gelang Patah for RM21.3 million significantly contributed to this success.
Tropicana’s balance sheet continues to strengthen, with the gross gearing level reducing from 0.74 times in FY2023 to 0.68 times as of 31 March 2024. This improvement is a result of Tropicana’s ongoing initiatives to enhance sales performance and monetize its landbank and investment properties.
The management emphasized the Group’s dedication to future-proofing its business through strategic initiatives. “As sustainable community planners, we focus on future-proofing our business through effective marketing and sales campaigns, constant engagement with our stakeholders, and fulfilling our role as a responsible developer who aims to deliver quality properties on time. We plan to roll out exciting residential or commercial developments across Malaysia, with an estimated GDV of RM4 billion. We expect our financial position to strengthen with the upcoming handover of 6 vacant possessions this year from Tropicana Aman, Tropicana Miyu, Tropicana Metropark, and Tropicana Uplands. We are also enhancing our digital and customer loyalty segment, offering more benefits and rewards to our purchasers and business partners.”
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With these robust financial results, Tropicana Corporation Berhad demonstrates its unwavering commitment to strategic growth and sustainable development. The Group’s proactive approach and innovative initiatives set a solid foundation for continued success in the Malaysian property market.
Tropicana will continue to gain traction in the market with these signature developments worth an estimated GDV of RM4 billion:
- Varia Shop Offices, Tropicana Aman @ Kota Kemuning
- Avisa Terrace Homes, Tropicana Alam @ Puncak Alam
- Serviced Residences & Retail Shoppes, Lido Waterfront Boulevard @ Johor
- Fraser Heights Terrace Homes, Tropicana Uplands @ Johor
- Breez Hill Serviced Residences, Tropicana Avalon @ Tropicana WindCity, Genting Highlands
Looking forward, Tropicana is planning for the Vacant Possession of 6 projects in FY2024:
- SouthPlace Residences, Tropicana Metropark @ Subang Jaya
- Tropicana Miyu Condominiums @ Petaling Jaya
- Freesia Residences, Tropicana Aman @ Kota Kemuning
- Gemala Residences, Tropicana Aman @ Kota Kemuning
- Hana Residences, Tropicana Aman @ Kota Kemuning
- Aster Heights Terrace Homes, Tropicana Uplands @ Johor
Tropicana recorded high unbilled sales of RM2.4 billion and possesses a sizeable landbank of 1,842 acres with an estimated GDV of RM120 billion, placing the Group in a good position to deliver sustainable performance in the next few years.
Tropicana has a sizeable landbank in the booming Johor market. One of its star developments is the vibrant Lido Waterfront Boulevard fronting the beautiful straits of Johor. Tropicana Avalon is poised to be the next commercial hub in Genting Highlands, offering stylish residences and retail shops in Gohtong Jaya. With the successful launch of SouthPlace Residences recording a high 95% take-up, Tropicana rolled out SouthPlace 2 Shoppes & Residences fronting the sprawling 9.2-acre urban park at Tropicana Metropark. Currently under construction, Edelweiss Serviced Residences, SOFO and Shoppes will be ready by 2025. Avisa Residences at Tropicana Alam is picturesque and idyllic making it the perfect location for family life. Celebrating its 45th anniversary, Tropicana is offering attractive rewards to all property buyers with its latest Tropicana FLASH DEALS
About Tropicana Corporation Berhad
Listed on the Main Market of Bursa Malaysia Securities Berhad since 1992, Tropicana Corporation Berhad is one of Malaysia’s leading conglomerates with diversified business interests in Property Development & Property Management, Property Investment, Recreation & Resort, and Investment Holding. To discover the world of Tropicana, visit www.tropicanacorp.com.my or follow us on FB @tropicanacorp.
