Tropicana Q1 Revenue Up By 13.5% – kopiandproperty.com

Press Release : Tropicana Q1 Revenue Up By 13.5%

Tropicana Group’s revenue rose by 13.5% to RM291.3 million compared to the corresponding quarter in the preceding year (Q1 2023: RM256.7 million).

● Tropicana’s balance sheet continues to strengthen, with gross gearing level reduced from 0.74 times in FY2023 to 0.68 times as of 31 March 2024.

● The Group’s unbilled sales stood at RM2.4 billion placing the Company in a comfortable position to deliver sustainable earnings.

In a filing to Bursa Malaysia, Tropicana Corporation Berhad (“Tropicana” or “Group”) reported its unaudited financial results for the first quarter ended 31 March 2024 (“Q1 2024”). The Group recorded a revenue of RM291.3 million which was RM34.5 million or 13.5% higher when compared to the corresponding quarter in the preceding year (Q1 2023: RM256.7 million). The Group’s profit before tax (“PBT”) increased to RM22.3 million in Q1 2024, compared to a PBT of RM0.8 million in Q1 2023. The increased in revenue and PBT was mainly attributed to higher progress billings achieved across key projects in the Klang Valley, Southern and Northern Regions, as well as the disposal of a parcel of development land in Gelang Patah for a total consideration of RM21.3 million.

Tropicana’s balance sheet continues to strengthen, with gross gearing level reduced from 0.74 times in FY2023 to 0.68 times as of 31 March 2024, as a result from Tropicana’s ongoing initiatives to enhance sales performance as well as monetise its landbank and investment properties.

The management cited that the Group’s focus and continued commitment have demonstrated positive results across its key business segments, “As sustainable community planners, we focus on future-proofing our business through effective marketing and sales campaign, 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.”

Tropicana will continue to gain traction in the market with these signature developments worth an estimated GDV of RM4 billion:

1. Varia Shop Offices, Tropicana Aman @ Kota Kemuning

2. Avisa Terrace Homes, Tropicana Alam @ Puncak Alam

3. Serviced Residences & Retail Shoppes, Lido Waterfront Boulevard @ Johor 4. Fraser Heights Terrace Homes, Tropicana Uplands @ Johor

5. Breez Hill Serviced Residences, Tropicana Avalon @ Tropicana WindCity, Genting Highlands

Looking forward, Tropicana is planning for the Vacant Possession of 6 projects in FY2024:

1. SouthPlace Residences, Tropicana Metropark @ Subang Jaya

2. Tropicana Miyu Condominiums @ Petaling Jaya

3. Freesia Residences, Tropicana Aman @ Kota Kemuning

4. Gemala Residences, Tropicana Aman @ Kota Kemuning

5. Hana Residences, Tropicana Aman @ Kota Kemuning

6. 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