PETALING JAYA: Tropicana Corporation Bhd recorded revenue of RM1.5 billion for the financial year ended Dec 31, 2025 (FY25), an increase of RM83.9 million or 6% compared to the previous financial year.
The higher revenue was mainly driven by increased progress billings across key projects in the Klang Valley, Southern and Northern regions, it said in a statement.
The group recorded a lower loss before tax (LBT) of RM15.5 million compared to LBT of RM117.1 million in the previous financial year. Higher losses in the previous financial year were primarily attributable to a one-off loss arising from an asset disposal. Lower LBT in FY25 was mainly driven by operational factors.
On a positive note, the group’s finance costs declined in line with its ongoing strategy to reduce overall debt levels through asset monetisation initiatives.
In October 2025, the group announced its fulfilment of payment obligations of RM139 million, a Tranche 4 payment under its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah Programme introduced in 2020, bringing total cumulative payments under the programme to RM1.12 billion.
In November 2025, Tropicana completed the issuance of RM300 million IMTN, which was upsized from RM200 million amid robust investor demand and was oversubscribed, with a significant portion taken up by government-linked
institutional investors.
Tropicana’s unbilled sales remain robust at RM2 billion, providing strong earnings visibility and supporting sustained financial performance. This momentum is further underpinned by its ongoing and upcoming signature developments across Malaysia, with a combined estimated gross development value (GDV) exceeding RM7.5 billion.
The group remains focused on sustaining its growth trajectory through enhanced sales performance, strategic monetisation of landbanks and investment properties, and continued financial optimisation.
Reflecting this positive momentum, MARC Ratings revised its outlook on Tropicana to positive from stable with an ‘A’ rating. This upgrade reflects the group’s improved balance sheet, driven by successful deleveraging initiatives and asset disposals used to reduce borrowings.
“As we transition from 2025 into 2026, Tropicana is strategically positioned to accelerate growth, supported by ongoing and upcoming developments with a combined GDV exceeding RM7.5 billion. Our strategic campaigns, featuring signature developments at key property hotspots across Malaysia, will make homeownership more accessible while sustaining strong market interest.
“In line with our mission to transform Tropicana into a future-ready group focused on sustainable growth, we have prioritised strengthening our core property segment through an asset-light model, leveraging our development expertise, distinctive development DNA and strong ESG commitments.,” the management said in the statement.
The group continues to gain traction in the market with 11 new developments worth an estimated GDV of RM3.1 billion.
Tropicana’s current landbank stands at 1,336.1 acres, with a total potential GDV of RM168.4 billion. Tropicana is strategically positioned to unlock substantial value, drive sustained growth, and deliver long-term performance over the coming years.
The Sun Malaysia
