Guocoland recorded revenue of RM433.7 million and profit before tax of RM65.1 million for the current financial year as compared to revenue of RM434.3 million and profit before tax of RM56.1 million in the preceding financial year. Quarter 4 profits surged to RM41 million compared to RM15 million from the previous years similar quarter.

The group added its higher revenue in FY2023/24 was primarily contributed by the better performance from the property development division following the completion of the first phase of Emerald 9 in Cheras and better sales from its Oval project. In addition, Goucoland said the performance of the hospitality division also saw improvement with higher occupancy and better average room rates in line with the encouraging rebound in social and travel activities.

In the current financial year, the group recognised a one-off net gain arising from increase in interest in Tower REIT of RM34.6 million. The Group had in the previous financial year, disposed a parcel of land located in Mukim and District of Jasin, Melaka with a revenue of RM19 million and profit before tax of RM12.7 million.

Excluding the above two items, the Group recorded higher revenue of RM18.4 million but a lower profit before tax of RM12.9 million in the financial year compared to the previous financial year.