KUALA LUMPUR: Tropicana Corporation Bhd says that it is well-positioned for sustainable expansion in the upcoming years thanks to its strong landbank, which spans 1,842 acres and has a potential gross development value of over RM120 billion.

In fiscal year 2023 (FY2023), Tropicana achieved a record-breaking revenue of RM1.51 billion, marking the highest figure in the past three financial years.

This notable revenue surge, amounting to a 60.7 per cent increase from the previous year’s RM942.6 million, is attributed mainly to escalated progress billings across pivotal projects in the Klang Valley, Southern, and Northern Regions, coupled with land disposals.

Significant strides were also observed in Tropicana’s property investment, recreation, and resort segments, evident through notable enhancements in hotel occupancy rates.

Despite higher revenue, the company reported a pre-tax loss of RM98.1 million. Nonetheless, this represents a substantial improvement of 79.2 per cent from the previous year.

Tropicana clarified that the losses encompass provisions for foreseeable losses and a share of losses from its 30 per cent stake in an associate company.

The management emphasised ongoing efforts to monetise its landbank and investment properties, coupled with a cost rationalisation drive aimed at fortifying the company’s financial standing.

Expressing confidence in Tropicana’s prospects, management highlighted the company’s strong unbilled sales of RM2.5 billion and robust RM1.4 billion property sales nationwide.

Additionally, they pointed out seven upcoming developments slated for 2024, with an estimated GDV of RM4 billion, alongside impending vacant possession projects set to bolster the company’s income.

Looking ahead, Tropicana anticipates continued market traction, unveiling several projects in Kota Kemuning, Puncak Alam, Lido Waterfront @ Johor, Tropicana Uplands @ Johor, Tropicana Paradise @ Tropicana WindCity in Genting Highlands, Tropicana Avalon @ Tropicana WindCity in Genting Highlands, and Tropicana Cenang @ Langkawi.

The management also outlined plans for the vacant possession of five projects in FY2024.