PETALING JAYA: Tropicana Corporation Bhd's (Tropicana) ongoing sales campaign and improved performance from its property investment, recreation and resort operations are helping to further 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 the 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 and purchase agreement incentives, furnishing packages, loan agreements as well as memorandum of transfer stamp duty exemptions,” according to a press release from Tropicana.
“In addition, we are back into 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. In the pipeline, we will continue to unlock our landbank offering four new developments with a total GDV of RM1.1 billion which will contribute to the future earnings of the group,” it said.
Meanwhile, Tropicana recorded a revenue of RM256.7mil in Q1 2023 which was RM33.4mil or 15.0% higher compared to the corresponding quarter in Q1 2022 with RM223.3mil. The group recorded a profit before tax of RM0.8mil, an increase of 102.2% over the corresponding quarter in the preceding year. The increase was mainly attributed to the improvement of the group’s property investment, recreation and resort operations on the back of the reopening of borders effective April 1, 2022 as well as cost rationalisation measures to reduce overall expenses, while adhering to prudent risk management.
The group’s revenue of RM256.7mil in the current quarter was RM1.4mil or 0.5% lower when compared to the preceding quarter ended Dec 31, 2022. Lower revenue in the current quarter was mainly due to lower progress billings across some of the Group’s key ongoing projects.
The group remains optimistic and believes that there will still be demand for properties in prime locations in Tropicana’s established, matured, and developing townships. Overall, Tropicana’s total landbank spans 2,091 acres, with a total potential gross development value of approximately RM203.7bil, placing the group in a good position to unlock the value of its strategic landbank and deliver sustainable performance in the next few years.