Tropicana’s Revenue Up 15%, Stays On Track For Growth
The Group recorded revenue of RM256.7 million, which was RM33.4 million or 15% higher when compared to the corresponding quarter in the preceding year (Q1 2022: 3 million).
The Group recorded a profit before tax (“PBT”) of RM0.8 million, an increase of 102.2% over the corresponding quarter in the preceding
The increase was mainly attributed to the improvement of the Group’s property investment, recreation and resort operations as well as cost rationalisation measures to reduce overall
The Group’s unbilled sales stood at a solid RM2 billion and will continue to unlock its landbank offering 4 new developments with a total GDV of 1 billion.
Petaling Jaya (29 May 2023) – In a filing to Bursa Malaysia, property developer Tropicana Corporation Berhad (“Tropicana” or “The Group”) reported its unaudited financial results for the first quarter ended 31 March 2023. For the quarter under review, the Group recorded revenue of RM256.7 million which was RM33.4 million or 15.0% higher when compared to the corresponding quarter in the preceding year (Q1 2022: RM223.3 million). The Group recorded a profit before tax (“PBT”) of RM0.8 million, an increase of 102.2% over the corresponding quarter in the preceding year. The increase was mainly attributed to the improvement of the Group’s property investment, recreation and resort operations on the back of the reopening of borders effective 1 April 2022 as well as cost rationalisation measures to reduce overall expenses, while adhering to prudent risk management.
The management of Tropicana cited that the Group’s ongoing sales campaign as well as improved performance from the Group’s property investment, recreation and resort operations helped spur the growth of the Group.
“We will continue to roll out effective marketing and sales campaigns to drive growth. Our digital and online engagement became a big part of our marketing strategies. The recent TropiQuest campaign is a novelty explore and earn sales initiative where we match the purchasers’ profiles with their Tropicana dream property. At the same time they will enjoy fantastic prizes from gadgets to hotel stays, earn referral rewards, sale & purchase agreement incentives, furnishing packages, loan agreements as well as memorandum of transfer stamp duty exemptions,” the management emphasized.
“In addition, we are back into the black in 2023, underpinned by our robust unbilled sales of RM2 billion and spurred by launches in Tropicana’s unique residential, commercial and resort-themed developments. In the pipeline, we will continue to unlock our landbank offering 4 new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the Group.”
Tropicana Aman’s final villa series, Hana Residences comprises lavish bungalows and semi-detached homes overlooking the surrounding township.
The Group’s revenue of RM256.7 million in the current quarter was RM1.4 million or 0.5% lower when compared to the preceding quarter ended 31 December 2022. Lower revenue in the current quarter was mainly due to lower progress billings across some of the Group’s key on-going projects.
The Group remains optimistic and believes that there will still be demand for properties in prime locations in Tropicana’s established, matured, and developing townships. The Group plans to roll out market-driven developments at strategic locations such as:
SouthPlace 2 Serviced Residences & Shoppes, Tropicana Metropark @ Subang Jaya
Shop Offices, Tropicana Aman @ Kota Kemuning
Phase 1A Terraced Homes, Tropicana Alam @ Puncak Alam
Tropicana Paradise Villa Lots, Tropicana WindCity, Genting Highlands @ Pahang
Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential GDV of approximately RM203.7 billion, placing the Group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.
