KUALA LUMPUR: NCT Alliance Bhd's net profit rose 3.5 per cent year-on-year (YoY) to RM9.62 million in the second quarter ended June 302, 2024 (Q2 2024) from RM9.29 million in Q2 2023 on the back of higher revenue.
Its revenue for the quarter under review was up 20.3 per cent YoY to RM70.27 million from RM58.4 million a year ago due to progress in ongoing projects, most notably Grand Ion Majestic, coupled with the strategic disposal of completed inventory at Acacia Residences.
The company's financial position has strengthened considerably, with the net gearing ratio reduced to six per cent from 14 per cent in the previous year, a result of robust collections from both ongoing and completed projects.
For the first half of 2024 (1H24), its net profit rose to RM21.87 million from RM16.3 million in the same period last year. It logged a higher revenue of RM158.6 million from RM113.4 million a year ago.
"Our encouraging financial results for Q2 2024 underscore the resilience of our business model and the increasing demand for our high-quality developments. The successful completion of the NBGH acquisition and our strategic land purchase in Sabah mark significant milestones in our growth strategy," said executive chairman and group managing director Datuk Seri Yap Ngan Choy.
"These moves not only enhance our capabilities but also position us to capitalise on emerging opportunities in key markets."
Yap said as NCT continues to diversify its project portfolio and optimise its capital structure, the company remains dedicated to creating lasting value for its shareholders and contributing to the dynamic landscape of Malaysia's property sector.