KUALA LUMPUR, 31 May 2023 – NCT Alliance Berhad (NCT Alliance) demonstrated its resilience with a net profit of RM7 million for its first quarter ended 31 March 2023, only slightly lower than RM8 million in the previous year’s corresponding quarter. The marginal decline was primarily due to the expense of RM3.5 million incurred from the Group’s employee share scheme (ESS). Excluding this, core profit for the quarter came in at RM10.5 million. Profit before tax (PBT) stood at RM9.3 million, while revenue increased by 7% to RM55 million from RM51 million in the same quarter last year.
Dato' Sri Yap Ngan Choy, Executive Chairman and Group Managing Director of NCT Alliance, stated, "The Group has continued to see positive contributions from our flagship developments, the Grand Ion Majestic (GIM), as well as our high-rise project, Acacia Residences. In tandem with evolving demand, these two projects have been very well received due to its strategic location and appealing offerings that attract a wide range of buyers. We look forward to the continued success of these key developments in the coming quarters."
Additionally, the Group welcomed its new board member, Ms. Yap Chui Fan, as an Independent Non-Executive Director, effective 31 May 2023. This follows the resignation of Mr. Cheong Kee Yoong as our Senior Independent Non-Exec