NCT Alliance 3Q net profit jumps sixfold to RM8m

KUALA LUMPUR (Nov 18): NCT Alliance Bhd recorded a sixfold jump in its net profit for the third quarter ended Sept 30, 2021 at RM8.04 million versus RM1.23 million a year earlier, on the back of improved revenue.

In a bourse filing Thursday, the group formerly known as Grand-Flo Bhd said quarterly revenue rose 31% to RM26.3 million from RM20.1 million previously.

Earnings per share stood at 1.33 sen versus 0.34 sen earlier.

The developer did not declare any dividend.

Cumulatively, for the first nine months of the financial year, its net profit surged to RM17.6 million from RM900,000 a year ago, while revenue jumped 120% to RM91 million from RM41.4 million previously.

In a separate statement, NCT executive chairman and group managing director Datuk Seri Yap Ngan Choy said the group’s performance was primarily attributable to the sales of its Grand Ion Majestic (GIM) and Grand Ion Delemen (GID) projects, recently acquired in June 2021.

“In addition, recurring income from the leasing of commercial units at GID also contributed to our strong results.

“These two projects are set to be key drivers for the group’s growth moving forward and are expected to continue generating sustainable income and cash flow streams over the next two to three years,” said Yap.

Yap said with the current high vaccination rate of over 75% achieved in Malaysia, NCT is optimistic that it is well-positioned to remain resilient.

“Building on our strong foundation, we are also confident of our long-term prospects as the country progresses towards economic recovery,” said Yap.

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