FINANCIAL HIGHLIGHTS & INSIGHTS FY2024 FY2023 RM'000 RM9000 Revenue 1,407,571 1,493,111 Loss before tax (117,125) (100,046) Loss attributable to owners of the parent (208,515) (174,188) Total sales of RM1.0 billion Group Finance Review High unbilled sales of RM2.2 billion KEY FINANCIAL HIGHLIGHTS FOR FINANCIAL YEAR ENDED 31 DECEMBER 2024 During the ûnancial year (<FY=) 2024, the Group sold RM1.0 billion worth of development properties, driven by improved market sentiments and a recalibrated sales strategy to navigate prevailing challenges and respond to shifts in consumer demand. The strong sales performance sustained the Group9s unbilled sales at RM2.2 billion as at 31 December 2024, placing the Group in a comfortable position to deliver sustainable earnings performance in the coming years. Our focus remained on aligning new launches with prevailing property seeker demand and optimal market timing, while concurrently clearing ready inventories from completed developments. The Group closed the year by recording a total revenue of RM1,407.6 million for FY2024, representing a 5.7% decline compared to RM1,493.1 million registered in FY2023. The decrease in revenue for the current ûnancial year was mainly due to the completion of divestments of several investment properties. Despite the dropped in revenue, the ûnancial year has witnessed robust sales performance across new and ongoing projects, supported by continued revenue recognition from unbilled sales, as reûected in the improved performance of the property development and property management segments. 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-oû losses arising from the disposal of an investment property for a consideration of RM680.0 million. Excluding this disposal, the Group would have recorded a proût before tax (<PBT=) of RM137.4 million, a signiûcant improvement compared to the LBT of RM100.0 million in the preceding year. During the year, the Group successfully completed and delivered vacant possession for ûve projects across the Klang Valley and Southern Region, which contributed to the Group9s stronger ûnancial performance. The decline in ûnance costs incurred also contributed to the higher PBT during the year, in line with the Group9s strategy to reduce its overall debt level through asset monetisation. With unbilled sales of RM2.2 billion and strategic initiatives to unlock the value of 1,336.1 acres of prime land with a potential gross development value of approximately RM168.4 billion, the Group is expected to remain on track to register positive earnings in the coming years. Malaysia9s property market remains resilient and poised for long-term growth despite global inûation, geopolitical tensions, and economic instability that could affect market sentiment. This resilience is attributed to the country9s strategic location, cultural richness, and supportive government policies, which continue to attract both investors and homeowners. Amidst the current challenging economic environment, the Group believes that demand for properties in prime locations within Tropicana9s established, mature, and developing townships will persist, supported by attractive pricing and a variety of promotional packages. Furthermore, the Group expects improved sales, especially for its properties in Johor, following the recently signed deûnitive agreement relating to the Johor-Singapore Special Economic Zone, the Johor Bahru-Singapore Rapid Transit System Link project, as well as the anticipated positive impact from the potential revival of the High-Speed Rail project. Premised on the expected demand, the Group will continue to launch properties at strategic locations across the Klang Valley, Genting Highlands, and the Northern and Southern regions. Moving forward, the Group will also continue to roll out new phases within its established development sites, namely Tropicana Aman and Tropicana Metropark. In FY2025, the Group plans to introduce new developments and phases across its signature a mixed development comprising Skypark Kepler Branded Residences located at Lido Waterfront, Johor; Bora Serviced Apartments located at Tropicana Danga Bay, Johor; Fraser Heights Terrace Homes located at Tropicana Uplands, Gelang Patah; Clarissa Serviced Suites & Beachwalk Shoppes located at Tropicana Cenang, Langkawi; Breeze Hill Shoppes & Serviced Apartments located at Tropicana Avalon, Genting Highlands; Serviced Suites and Bungalow Lots located at Tropicana Paradise, Genting Highlands and Serviced Suites and Bungalow Lots located at Tropicana Paradise, Genting Highlands. 73 MANAGEMENT DISCUSSION & ANALYSIS
RkJQdWJsaXNoZXIy NDgzMzc=