PETALING JAYA: Property developer Tropicana Corp Bhd
says it is well-positioned for sustainable performance in the coming years, backed by RM2.2bil in unbilled sales and a 1,877-acre land bank with an estimated gross development value (GDV) of RM109bil.
“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 property developer said in a statement.
Tropicana returned to the black with a net profit of RM224.5mil in the fourth quarter ended Dec 31, 2024 (4Q24), compared with a net loss of RM158.9mil in the year-ago quarter.
Its revenue jumped 41.1% to RM520.9mil against RM369.1mil while earnings per share stood at 9.99 sen versus a loss per share of 7.30 sen.
The higher revenue 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 development land in Gelang Patah, Johor for a total consideration of RM185.3mil.
Tropicana, however, reported a net loss of RM195.9mil on revenue of RM1.4bil for the financial year ended Dec 31, 2024 (FY24).
“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,” the company said.
In recent months, the property developer announced several positive developments, including its successful Johor land sale of RM383mil to NTT Data Group and a RM240mil land deal with Z Data Group.
The company also reported a 100% take-up rate for Edelweiss Serviced Residences in the Klang Valley and a 60% take-up for the first phase of its Fraser Heights project in Tropicana Uplands, Johor.
Meanwhile, Tropicana Alam, the group’s latest township in Puncak Alam, Selangor saw a 70% take-up for its first phase, Avisa Residences, following the launch of its highly anticipated new show units.
