NCT Alliance returns to the black in Q2


NCT Alliance executive chairman and group managing director of Datuk Seri Yap Ngan Choy (pic) said: “We are pleased to continue our momentum, underpinned by our strategic plans to expand our presence in the property sector as a leading property developer."

PETALING JAYA: ​​NCT Alliance Bhd has returned to the black for the second quarter ended June 30 after posting a net profit of RM9.48mil compared to a net loss of RM417,000 a year earlier.

Formerly known as Grand-Flo Bhd, the company’s revenue more than doubled to RM49.23mil from RM18.88mil previously.

In a filing with Bursa Malaysia, the group said it attributed the better performance of its topline and bottomline to higher contributions from its recent completed acquisitions of property development projects in Genting Highlands.

NCT Alliance executive chairman and group managing director of Datuk Seri Yap Ngan Choy (pic) said: “We are pleased to continue our momentum, underpinned by our strategic plans to expand our presence in the property sector as a leading property developer.

“The group’s improved performance was primarily driven by our newly acquired Grand Ion Majestic and Grand Ion Delemen projects, with the acquisitions completed in June 2021.”

“Moving forward, as the resumption of activities in Genting Highlands plus the opening of its new outdoor theme park, our two projects are expected to generate a sustainable stream of income and cash flow, contributing to the group’s positive prospects in the coming years,” he added.

Cumulatively, for the first half of the year, NCT Alliance posted a net profit of RM9.57mil compared to losses of RM371,000 a year earlier on the back of higher revenue of RM64.71mil from RM42.31mil previously.

“Looking ahead, with the recent encouraging vaccination rate, we remain optimistic on the outlook, as Malaysia’s vaccination rate continues to increase and the nation moves towards achieving herd immunity,” Yap said.

He pointed out that the group has also kicked off a vaccine incentive campaign, Vax & Win, with attractive monthly prizes and a grand prize of a dream home at Ion Forte Green City and Grand Ion Majestic to encourage Malaysians to get vaccinated and help curb the spread of the pandemic.

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