KUALA LUMPUR: NCT Alliance Bhd
's results in the second quarter ended June 30, 2024 (2QFY24), underscored increasing demand for its developments, said executive chairman and group managing director Datuk Seri Yap Ngan Choy.
Announcing the property developer's results for the quarter, he highlighted the successful completion of its acquisition of NCT Builders Group Holdings Sdn Bhd and its strategic land purchase in Sabah.
"These moves not only enhance our capabilities but also position us to capitalise on emerging
opportunities in key markets.
"As we continue to diversify our project portfolio and optimise our capital structure, we remain dedicated to creating lasting value for our
shareholders and contributing to the dynamic landscape of Malaysia's property sector," he said.
In 2QFY24, NCT posted a net profit of RM9.62mil, which was higher than RM9.29mil in the year-ago quarter, while basic earnings per share dipped to 0.7 sen from 0.8 sen previously.
The group's revenue rose to RM70.27mil during the quarter under review from RM58.4mil in 2QFY23.
It said the positive 2QFY24 results were predominantly attributed to progress in ongoing projects, most notably the Grand Ion Majestic, coupled with the strategic disposal of completed inventory at Acacia Residences.
The group said its financial position strengthened considerably, with the net gearing ratio reduced to 6% from 14% in the previous year, a result of collections from both ongoing and completed projects.
In the six months period to June 30, 2024, NCT recorded a net profit of RM21.87mil on revenue of RM158.6mil, as compared to net profit of RM16.31mil and revenue of RM113.4mil.
