Tropicana Q1 Revenue Up By 13.5% –

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

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


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