NCT Alliance Net Profit Up by 28% for FY2022

KUALA LUMPUR: NCT Alliance Berhad (NCT Alliance) posted a net profit of RM43.2 million for the full financial year ended December 31, 2022, an increase of 28% from RM33.7 million in the previous financial year. Revenue for the year under review also improved by 15% to RM241.4 million, from RM209.9 million last year.

For its fourth quarter ended December31, 2022, the Group recorded a net profit of RM12.8 million on the back of RM66.9 million revenue.

NCT Alliance executive chairman and group managing director Datuk Sri Yap Ngan Choy said, “The encouraging full-year results were driven by the robust performance of our flagship development, the Grand Ion Majestic (GIM), and our high-rise project, Acacia Residences. The property sector in Malaysia is thriving as we move beyond the challenging economic environment from the previous year. Our projects, particularly GIM’s strategic location in Genting Highlands, bode well for the Group as the ease of travel restrictions resulted in higher footfall. Additionally, the sales of completed stocks in our Vortex and Mahkota Kampar projects were also a significant growth driver for the year.”

“As the nation returns to pre-pandemic levels, we are confident that our focus on delivering exceptional products and value, coupled with the optimistic outlook for the Malaysian property market in 2023, will enable us to sustain our positive momentum,” added Yap.