PETALING JAYA (March 4) — Tropicana Corp Bhd (Tropicana) posted RM1.5 billion in revenue for the financial year ended Dec 31, 2025 (FY2025), representing a 6% increase from the previous year, driven by steady progress billings across key projects in the Klang Valley, Johor, Langkawi, and northern Malaysia. The group successfully narrowed its loss before tax (LBT) to RM15.5 million, a significant improvement from RM117.1 million in FY2024.
The prior year’s loss was largely affected by a one-off RM254.5 million disposal loss from the divestment of Tropicana Gardens Mall, partially offset by RM161.8 million gains from the sale of an associate company. Management attributed the FY2025 turnaround to stronger operational performance and lower finance costs as the group continued its deleveraging programme through strategic asset monetisation initiatives. Finance expenses dropped 19.7% to RM140 million, from RM174.34 million a year earlier.
For 4QFY2025, Tropicana recorded revenue of RM478.5 million, down 9.7% from RM529.7 million in the same period a year ago, due primarily to slower progress billings on certain developments. The property investment, recreation, and resort segments contributed less following the sale of Tropicana Gardens Mall in December 2024. The group posted a quarterly LBT of RM16.3 million versus a PBT of RM318.7 million in 4QFY2024, which had benefited from one-off savings on low-cost housing obligations tied to land disposals.
Tropicana’s unbilled sales stood at RM2 billion as of Dec 31, 2025, providing near-term revenue visibility. The company has a robust development pipeline with an estimated total GDV exceeding RM7.5 billion, covering 11 projects across Kota Kemuning, Cyberjaya, Genting Highlands, Langkawi, Johor, and its established Selangor townships.
Key projects include:
Idaman Tower at Tropicana Aman
Serviced apartments and retail shops at Tropicana Cyberjaya
Breeze Hill Shoppes at Tropicana Avalon, Genting Highlands
Odesea serviced apartments at Tropicana Shores, Langkawi
Maia series at Tropicana Lagoon
Assana and Merissa serviced suites at Tropicana Cenang
Bora serviced apartments at Tropicana Danga Bay, Johor
Several projects are scheduled for vacant possession in FY2026, including Umara Shop Offices at Tropicana Aman, Edelweiss Serviced Residences, and SOFO & Shoppes at Tropicana Gardens in Petaling Jaya.
The group continued its proactive debt management. Tropicana completed RM139 million of payments under its RM1.5 billion Islamic Medium-Term Notes (IMTN) Sukuk Wakalah Programme in October 2025, bringing cumulative repayments to RM1.12 billion since 2020. In November 2025, it successfully upsized a RM200 million IMTN issuance to RM300 million, with strong participation from government-linked institutional investors.
Total assets stood at RM10.85 billion as of Dec 31, 2025, with cash balances of RM652.1 million. Total borrowings decreased to RM2.75 billion from a peak of RM4.4 billion in 2022, while net gearing moderated to 0.46 times. MARC Ratings revised Tropicana’s credit outlook to positive while affirming its “A” rating, reflecting improved balance sheet metrics. Net assets per share stood at RM1.63, compared with RM1.67 a year earlier.
Tropicana’s landbank spans 1,336.1 acres with a total potential GDV of RM168.4 billion. Highlighting its strategic positioning, the 163-acre Lido Waterfront Boulevard site in Johor, fronting the Straits of Johor, offers potential synergies with Singapore-linked development demand. Skypark Kepler, launched in July 2025 in partnership with Banyan Group, marks the first residential phase within this mixed-use masterplan, which includes residential, commercial, hospitality, wellness, educational, and lifestyle components.
The group’s growing focus on industrial and commercial development aligns with rising interest in industrial land in Selangor, office space in Bukit Jalil, and industrial property in Subang area, leveraging Tropicana’s established township network to capture demand from logistics, manufacturing, and mixed-use operators.
Tropicana improved its ESG rating from two to four stars during FY2025, alongside receiving green building certifications for Tropicana Miyu in Petaling Jaya and Tropicana Cenang in Langkawi. The company emphasises integrating environmental, social, and governance principles into development planning, supporting long-term sustainable value creation.
With RM2 billion in unbilled sales and a strong GDV pipeline, Tropicana is positioned to resume growth in 2026. Operational stabilisation, debt reduction, and rating improvements have created a stronger platform for asset-light expansion. Market watchers will be assessing whether disciplined cost management, project delivery, and sales conversion can return the group to sustainable profitability, while continuing to capitalise on industrial land in Selangor, office space in Bukit Jalil, and prime commercial property in KL locations.
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