For the financial year ended 31 December 2024 (“FY2024”), the Group recorded a revenue of RM1.4 billion, which was RM85.5 million or 5.7% lower when compared to the preceding year. The decrease in revenue for the current financial year was mainly due to the completion of divestments of several investment properties. The Group recorded a loss before tax (“LBT”) of RM117.1 million and a loss attributable to owners of the parent of RM208.5 million in FY2024 mainly due to the recognition of one-o losses arising from the disposal of an investment property for a consideration of RM680 million. Excluding this disposal, the Group would have recorded a profit before tax (“PBT”) of RM137.4 million, a significant improvement compared to the LBT of RM100 million in the preceding year. Tropicana’s ongoing initiatives to monetise its landbank and investment property, as well as its cost rationalisation exercise, are aimed at improving the Group’s financial position. Tropicana’s property sales hit almost RM1 billion while its balance sheet continues to strengthen, with the gross gearing level reduced from 0.54 times as of 31 December 2023 to 0.43 times as of 31 December 2024. In FY2024, the Group completed and delivered vacant possession for 5 projects across Klang Valley and the Southern, which has also contributed to the Group’s improved financial performance. The Group’s unbilled sales stand at RM2.2 billion, placing the Company in a comfortable position to deliver sustainable earnings. 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 while delivering sustainable growth. 49 MANAGEMENT DISCUSSION & ANALYSIS
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