KUALA LUMPUR: NCT Alliance Bhd reported a net profit of RM12.3 million for the first quarter ended March 31, 2024 (1Q24), marking a 74.6 per cent increase from RM7 million in the same period last year.
Group revenue rose 60.6 per cent to RM88.3 million from RM55 million previously.
The property developer credited the improved performance to strong contributions from the Grand Ion Majestic and Acacia Residences projects.
"The timely completion complemented by secured sales at these developments were key growth drivers this quarter," it said.
NCT Alliance's pre-tax profit surged 86 per cent to RM17.3 million from RM9.3 million in the corresponding period.
The growth is accompanied by a 61 per cent rise in revenue to RM88.3 million, compared to RM55.0 million in the first quarter of the financial year 2023 (1QFY23).
NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said the strategic project deliveries for Grand Ion Majestic and Acacia Residences had driven substantial increases in both profit and revenue.
"We were able to capitalise on this momentum by significantly improving our financial position, lowering our net gearing ratio and increasing our balance sheet strength, allowing us to further capitalise on investment opportunities," he said.
Yap noted that the company is actively broadening its portfolio through the strategic proposed acquisition of NCT Builders Group Holdings Sdn Bhd and development lands in Sabah.
"These investments are pivotal to our growth strategy, aimed at broadening our market reach and fortifying our long-term prospects in order to deliver improved shareholder value," he said.