FINANCIAL PERFORMANCE For the financial year ended 31 December 2021 (“FY2021”), Tropicana recorded a revenue of RM876 million, RM186.6 million lower compared to the preceding year. 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 RM399.2 million, whereby there were no land disposals in the current year. Excluding these said land disposals, the revenue in the current year is higher by RM212.6 million, contributed by higher property sales and progress billings across ongoing key projects in the Klang Valley and Southern Region. Despite posting higher property sales of RM1.3 billion, an impressive jump of 62.4% for FY2021 (FY2020: RM802.4 million), the Group recorded a loss before tax (“LBT”) of RM36 million, which was RM274.4 million lower compared to the preceding year, which had gains arising from the sale of the four parcels of development lands amounting to RM236 million whereby there were no sales of land in the current year. Despite the loss for the year, the Group’s property development and property management division still performed strongly with profits of RM72 million for the year which was backed by strong sales and cost savings from projects. The Group will continue its efforts to improve overall cost and operational efficiencies through digital initiatives and prudent measures. Tropicana’s net gearing stood at 0.55 times as of 31 December 2021, compared to 0.52 times in the previous corresponding year. For the year under review, Tropicana’s unbilled sales were up by 36.0% to RM1.5billion (FY2020: RM1.1 billion), backedby its unique residential, commercial and resortthemed developments. Overall, Tropicana’s total landbank stood at 2,452 acres, with a total potential GDV of approximately RM152.2 billion, placing the Group in a good position to unlock the value of its strategic landbank and deliver sustainable earnings in the next few years. Exclusive urban enclave of Tropicana Danga Cove at Iskandar Malaysia, Johor 64 65 Annual Report 2021 TROPICANA CORPORATION BERHAD PERFORMANCE REVIEW
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