PETALING JAYA: In a recent filing to Bursa Malaysia, Tropicana Corporation Bhd reported a revenue of RM520.9 million in its unaudited financial results for the fourth quarter ended Dec 31, 2024 (Q4’24) which was RM151.8 million or 41.1% higher compared to the corresponding quarter in the preceding year, which was RM369.1 million (Q4’23).
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 develop-ment land in Gelang Patah for a total consideration of RM185.3 million.
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 (FY24), the group recorded a revenue of RM1.4 billion, which was RM94.3 million or 6.3% lower when compared to the preceding year. For FY24, the group recorded a LBT of RM91.7 million compared to a LBT of RM100 million in FY23, 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 PBT of RM172.7 million, against the preceding year’s LBT of RM100 million. The divestment and land sale exercise were consistent with the group’s strategy to reduce its overall debt levels.
In FY24, the group completed and delivered vacant possession for five projects across the Klang Valley and Southern Region, which contributed to the group’s improved financial performance.
The management cited that 2024 was a milestone year for Tropicana Group. “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 company said.
Tropicana is poised to continue gaining significant traction in the market, driven by both its ongoing projects and new developments, which boasts an estimated GDV of RM8.5 billion.
Over the past few months, the property developer has announced many positive news, from its 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.
