KUALA LUMPUR: NCT Alliance Bhd posted a lower net profit of RM6.52 million in the third quarter ended Sep 30, 2024 (Q3 2024), down 35.6 per cent from RM10.12 million in the same period last year.
This was due to group land cost adjustment for the Ion Belian Graden project upon completion of the acquisition of the NCT Builders Group Holdings Sdn Bhd by the group.
Revenue for the quarter under review grew seven per cent to RM90.24 million versus RM84.63 million in Q3 2023, primarily driven by the Ion Belian Garden project.
For the cumulative nine-month period, its net profit grew to RM28.39 million compared to RM26.43 million a year ago and revenue rose to RM248.85 million versus RM198.03 million.
The increase in nine-month revenue was attributable to the construction progress on both ongoing and newly-launched phases of Ion Belian Garden project, along with sales of completed inventories of Acacia Residences, Grand Ion Delemen and Grand Ion Majestic.
Executive chairman and group managing director Datuk Seri Yap Ngan Choy said the positive outlook is supported by Malaysia's encouraging economic growth forecasts, favourable government policies, and rollout of major infrastructure projects.
"Notably, Bank Negara Malaysia's decision to maintain OPR and relaxation of Malaysia My Second Home Programme and Budget 2024 incentives to support broader market activities which is expected to further benefit the developer on the market demand.
"However, we remain prudent, closely monitoring economic conditions and market trends to navigate challenges and seize emerging opportunities," he said.
He added that the company is actively exploring strategic ventures that go beyond traditional property development.
"Our goal is to create comprehensive townships that seamlessly integrate residential, retail, education and hospitality components.
"This integrated development approach will strengthen our revenue diversification as well as deliver exceptional value to our stakeholders while creating sustainable, vibrant communities for our residents," he said.