KUALA LUMPUR: Tropicana Corp Bhd posted a net profit of RM7.94mil in the fourth quarter ended Dec 31, 2021 (4Q21) against RM47.35mil in the same quarter a year ago.

       The lower profit was mainly attributed to the completion of the disposals of two parcels of freehold development lands in Johor Bahru, for a total consideration of RM157.4mil whereby comparatively in 4Q21 there were no land disposals in the current quarter.

       Its revenue for the quarter slipped 26.8% to RM263.8mil from RM360.2mil in the preceding year.

       For the full financial year ended Dec 31, 2021 (FY21), Tropicana posted a net loss of RM52.17mil against a net profit of RM91.3mil. Revenue stood at RM869.72mil, down 18.15% from RM1.06bil in FY20.

       Tropicana explained that the higher revenue in the preceding year reflected the completion of the disposals of four parcels of freehold development lands in Johor Bahru, for a total cash consideration of RM399.2mil whereby there were no land disposals in FY21.

       Excluding these said land disposals, the revenue in FY21 would have been higher by RM206.3mil which was contributed by higher property sales and progress billings across ongoing key projects in the Klang Valley and southern region.

       The group posted higher property sales of RM1.3bil in FY21, a 62.4% from RM802.4mil a year ago.

       In a statement, group managing director Dion Tan said the surge of property sales in 2021 was marked by pent-up demand post-lock down and gradual economic recovery.

       “The market is slowly bouncing back, and we saw a higher pick-up in property sales transactions before the end of the Home Ownership Campaign (HOC).

       “Our property investment, recreation, and resort operations have slowly regained their pace as well. Our property sales continue to soar, all thanks to our team's amazing commitment and support.

       “We will continue the good momentum, accelerate our launches, and roll out more innovative marketing and sales campaigns to drive more sales. Digitalisation and online engagement became a big part of our marketing strategies, as these efforts have borne fruit,” Tan said.

       For the period under review, Tropicana’s unbilled sales were up by 36% to RM1.5bil, backed by its unique residential, commercial and resort-themed developments.

       Overall, Tropicana’s total landbank stood at 2,452 acres, with a total potential gross development value (GDV) of approximately RM152.2bil, placing the group in a good position to unlock the value of its strategic landbank and deliver sustainable earnings in the next few years.