Tropicana’s 1Q revenue rises 20.5%, unbilled sales at RM1.7 bil

PETALING JAYA (May 28): Tropicana Corp Bhd’s revenue for the first quarter ended March 31, 2026 (1QFY2026) rose 20.5% to RM313.7 million from RM260.4 million a year earlier, driven by higher progress billings from key projects nearing completion in the Klang Valley and northern region.

In a filing and accompanying press statement today, the group said it recorded a loss before tax of RM12.8 million for the quarter, compared with a profit before tax of RM5.3 million in the corresponding period last year. The loss was mainly due to an unrealised loss of RM16.7 million on quoted shares. 

Excluding this item, Tropicana said it would have registered a profit before tax of RM3.9 million, representing a marginal year-on-year decline.

Tropicana highlighted that operating costs continued to improve in line with ongoing financial optimisation initiatives. The group’s unbilled sales stood at a robust RM1.7 billion at end‑March, underpinning its earnings visibility.

On the funding side, the group said it has remained on track with its repayment commitments. In March 2026, Tropicana completed the full redemption of its remaining RM89.43 million Tranche 1 perpetual sukuk. This was followed in April 2026 by the redemption of RM133.2 million under Tranche 5 of its RM1.5 billion IMTN 2020 Sukuk Wakalah Programme. 

Earlier, in October 2025, it had redeemed RM139 million under Tranche 4, and subsequently upsized and issued RM300 million under its IMTN 2024 Sukuk Wakalah Programme in November 2025 on the back of strong investor demand.

Reflecting its deleveraging progress and landbank repositioning, MARC Ratings recently revised Tropicana’s outlook to “positive” from “stable”, while affirming its A rating. 

Management said it will continue pivoting towards higher‑growth segments including industrial and logistics, renewable energy and data centre‑related developments, while sustaining its core township and mixed‑use projects across its 1,349.7 acres of landbank with an estimated gross development value of RM102.6 billion.

Tropicana added that ongoing and upcoming developments across the Klang Valley, Johor, Langkawi, Genting Highlands and Cyberjaya carry a combined GDV of RM3 billion and will support sales and earnings over the coming years.

..........

EdgeProp brings you another month of data-driven insights, exclusive interviews, and market commentaries. Subscribe now for your free copy!