Property Investment, Recreation & Resort The Group’s revenue from the property investment, recreation, and resort segment stood at RM75.5 million compared to RM157.3 million in FY2024, representing a decrease of RM81.9 million or 52.0%. The decline in revenue was mainly due to the absence of revenue following the completion of divestments of investment properties in the previous financial year. This segment reported a higher profit of RM6.5 million compared to a loss of RM261.5 million in FY2024, primarily due to a one-off impairment loss recognised on an investment property. Overall, the base earnings from this segment continued to remain at sustainable levels, supported by recurring income from its investment properties. Investment Holdings & Others The Group’s revenue from this segment was RM7.5 million in FY2025 compared to RM22.1 million in FY2024, reflecting a decrease of RM14.6 million or 66.2%. The revenue from this segment continued to remain sustainable, mainly contributed by subsidiaries such as Tropicana Building Materials Sdn Bhd and Tropicana Innovative Landscape Sdn Bhd. This segment reported a higher profit of RM233.9 million compared to RM16.0 million recorded in FY2024, primarily due to the dividend income received from the subsidiaries. GROUP CAPITAL STRUCTURE FY2025 RM’000 FY2024 RM’000 Shareholders’ Equity 3,933,357 4,113,481 Total Equity 5,159,148 5,381,931 Gross Borrowings 2,754,115 2,310,803 Cash and Bank Balances 656,586 696,360 Net Borrowings 2,097,529 1,614,443 Gross Gearing ratio 0.53 0.43 Net Gearing ratio 0.41 0.30 Net Assets Per Share (RM) 1.63 1.67 Overall, the Group’s balance sheet as at 31 December 2025 remained robust, with total cash and bank balances and total equity of RM656.6 million and RM5,159.1 million respectively. The Group is well-positioned to continue executing its planned growth strategies. The Group’s gross and net gearing ratios increased from 0.43x to 0.53x and from 0.30x to 0.41x respectively as at 31 December 2025, primarily attributable to the net issuance of RM287.5 million Islamic Medium Term Notes during FY2025. The Group is expected to improve its performance in FY2026 amidst a more challenging business environment, supported by the momentum built from its strong performance in FY2025 and the various pipelines of ongoing projects. While prospects for the property sector remain challenging in the short term, the Group believes that there will continue to be demand for properties in prime locations that offer superb amenities and competitive pricing. 75
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