PETALING JAYA: NCT Alliance Bhd saw its net profit jumping six-fold to RM8.04mil for the third quarter ended Sept 30, 2021 from RM1.23mil in the same quarter last year.

       This was achieved on the back of improved revenue, which rose 31% to RM26.38mil from RM20.13mil in the previous year’s corresponding quarter.

       Cumulatively, NCT Alliance’s net profit grew 20-fold to RM17.59mil from RM859,000 in the nine months to September 2020, while its revenue doubled to RM90.99mil from RM41.39mil.

       NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said the company continued to make progress in its plans to reinforce its position as a leading property developer.

       He noted that the group’s encouraging financial performance was primarily attributable to the sale of its Grand Ion Majestic (GIM) and Grand Ion Delemen (GID) projects, recently acquired in June 2021.

       “In addition, recurring income from the leasing of commercial units at GID also contributed to our strong results. These two projects are set to be the key drivers for the group’s growth, moving forward, and are expected to continue generating sustainable income and cash flow streams over the next two to three years,” he said in a statement.

       “With the current high vaccination rate of over 75% achieved in Malaysia, we remain optimistic that the group is well-positioned to remain resilient.

       “Building on our strong foundation, we are also confident of our long-term prospects as the country progresses towards economic recovery,” he added.