FINANCIAL HIGHLIGHTS & INSIGHTS FY2022 FY2021 RM'000 RM’000 Revenue 942,557 876,015 Loss before tax (472,360) (35,982) Loss attributable to owners of the parent (435,587) (52,171) Total sales of RM1.3 billion High unbilled sales of RM2.0 billion Key Financial Highlights for Financial Year Ended 31 December 2022 During the financial year (“FY”) 2022, the Group sold RM1.3 billion worth of development properties on the back of improved market sentiments as well as aggressive marketing and sales campaigns. The strong sales performance has sustained the Group’s unbilled sales at RM2.0 billion as at 31 December 2022, where the level of such unbilled sales placed the Group in a comfortable position to deliver sustainable earnings performance in the coming years. The Group’s revenue grew by 7.6% year-on-year to reach RM942.6 million (FY2021: RM876.0 million). Revenue improved on the back of increased revenue from property investments as well as hotel, recreation and resort operations. The Group recorded a loss before tax of RM472.4 million and a loss attributable to owners of the parent of RM435.6 million in FY2022 mainly due to the losses incurred on the proposed disposals of two parcels of development lands for RM244.4 million in FY2022 as the proposed disposals had given rise to provisions for foreseeable losses of RM298.6 million. These provisions for foreseeable losses which arose mainly due to the Group’s basis of allocation of land and infrastructure costs have been recognised in the current quarter according to the Malaysian Financial Reporting Standards. Despite the loss for the year, the improvement in the Group’s property investment, recreation and resort operations on the back of the reopening of borders accelerated the return of international visitor which contributed to higher revenue and profit in FY2022 for this segment. With unbilled sales of RM2.0 billion and strategic approaches to unlock the value of 2,091.0 acres of prime land with potential gross development value of approximately RM203.7 billion, the Group is expected to be on track to register positive earnings in the next few years. With the continued price hikes of building materials and labour shortages, productivity in the property sector is severely affected. Amidst the current challenging economic environment, the Group believes that the demand for properties in prime locations in Tropicana’s established, mature and developing townships will persist, with attractive pricing and various promotional packages. Based on the expected rise in demand, the Group will continue to launch its properties at strategic locations across the Klang Valley, Genting Highlands, Langkawi and Southern Regions. Moving forward, the Group will also continue to launch new phases in its established development sites, namely Tropicana Aman, Tropicana Metropark and Tropicana Alam. In FY2023, the Group plans to introduce new developments and phases across its signature Tropicana townships such as BH2 Shop Offices at Tropicana Aman, Kota Kemuning; SouthPlace 2 Residences and SouthPlace 2 Shoppes, a mixed development comprising retail lots and serviced apartments at Tropicana Metropark, Subang Jaya; Phase 1, first residential development located at Tropicana Alam, Puncak Alam and Residential Villa Lots, first residential development located at Tropicana Paradise in Genting Highland, Pahang. 32 ANNUAL REPORT 2022
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