NCT Alliance’s net profit up 40% on higher revenue

PETALING JAYA: NCT Alliance Bhd’s net profit for the third quarter ended Sept 30, 2022 increased by 40% to RM11.2mil.

Revenue surged by 182% to RM74.2mil for the quarter under review while earnings per share stood at 1.16 sen versus 1.33 sen in the same period a year ago.

For the nine-month period, net profit came in at RM30.4mil as compared with RM17.6mil in the same period in 2021.

This was achieved on the back of an improved revenue of RM174.5mil, up by 92%.

Executive chairman and group managing director Datuk Sri Yap Ngan Choy said the strong performance was mainly due to the resumption of economic activities and the reopening of national borders, which saw its flagship development, the Grand Ion Majestic (GIM) and high-rise project, Acacia Residences record a positive growth.

New attractions in Genting Highlands continue to contribute to a higher footfall, further boosting GIM’s prospects, he added.

“The group also benefited from the sales of completed stocks for its Vortex and Mahkota Kampar projects. This certainly demonstrates the group’s resilience and appeal.

“To this end, we look forward to leveraging on this opportunity by offering distinctive products at attractive value,” he said.

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