KUALA LUMPUR (April 15): Tropicana Corporation Bhd (KL:TROP) said it has redeemed another RM133.2 million under its RM1.5 billion Islamic Medium-Term Notes 2020 sukuk programme.

The redemption of Tranche 5 of the perpetual sukuk brings total repayments under the programme to RM1.25 billion, said the property developer in a statement on Wednesday.

“This redemption forms part of several initiatives to reduce overall borrowings and strengthen the group’s balance sheet,” said Tropicana.

The redemption follows several recent debt-related transactions, with the most recent one being in March when RM89.43 million in perpetual sukuk under Tranche 1 was fully redeemed. In October last year, the group said it settled RM130 million under Tranche 4 of the same sukuk programme.

Its current unbilled sales stood at RM2 billion, which Tropicana said provides earnings visibility going forward. It added that its ongoing and upcoming development projects have a combined gross development value (GDV) of about RM7.5 billion.

For the year ended Dec 31, 2025, Tropicana's net loss narrowed to RM118.83 million from RM208.52 million a year earlier. Revenue rose to RM1.5 billion from RM1.4 billion.

Tropicana said its ongoing plans include launching 11 developments this year with an estimated GDV of RM3.1 billion, including projects in Kota Kemuning, Cyberjaya, Genting Highlands, Langkawi and Johor. It expects to hand over completed units for several projects in 2026, including developments in Kota Kemuning, Petaling Jaya and Langkawi.

Tropicana said its landbank currently stands at 1,336 acres, with a potential GDV of RM168.4 billion.

Tropicana shares closed two sen or 1.7% higher at RM1.20, giving the company a market capitalisation of RM3 billion.