PETALING JAYA: Tropicana Corporation Bhd recorded revenue of RM256.7 million in the first quarter ended March 31, 2023 (Q1’23), RM33.4 million or 15% higher than the RM223.3 million registered in the previous year’s corresponding period.
However, revenue in Q1’23 was RM1.4 million or 0.5% lower when compared with the preceding quarter ended Dec 31, 2022. The decrease was mainly due to lower progress billings across some of the group’s key on-going projects.
Troipicana recorded profit before tax of RM800,000 for Q1’23, an increase of 102.2% over the amount posted in the corresponding quarter of the preceding year.
The increase was mainly attributed to the improvement in the group’s property investments, recreation and resort operations on the back of the reopening of borders effective April 1, 2022 as well as cost rationalisation measures to reduce expenses, while adhering to prudent risk management.
The developer said the ongoing sales campaign helped spur the group’s growth.
“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 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 emphasised.
“In addition, we are back in 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. We will continue to unlock our landbank by offering four new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the group.”
Tropicana remains optimistic and believes there will still be demand for properties in prime locations in its 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 and Tropicana Paradise Villa Lots, Tropicana WindCity, Genting Highlands @ Pahang.
Tropicana’s total landbank spans 2,091 acres, with a potential GDV of about 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.
