NCT Alliance Berhad (formerly known as Grand-Flo Berhad) recorded another resilient quarter with a net profit of RM17 million for its fourth quarter ended 31 December 2021, a significant two-fold increase from RM4.8 million in the same quarter last year, while revenue grew to RM119.6 million from RM35.5 million in the same quarter last year.
The Group recorded a higher net profit of RM34.6 million for the full financial year, a 514% jump from RM5.6 million in the previous financial year. This was achieved on the back of a higher revenue of RM210.6 million.
“We are pleased with NCT Alliance’s outstanding performance as we continue to strengthen our footing as a leading property
developer in Malaysia. Key contributors were the sales from our Grand Ion Majestic (GIM) and Grand Ion Delemen (GID) projects, with the acquisitions completed in June 2021, coupled with recurring income from the leasing of our commercial units at GID. These two key projects are expected to generate sustainable income and cashflow stream over the next two to three years, further contributing to earnings growth,” Dato’ Sri Yap Ngan Choy, Executive Chairman and Group Managing Director.
“In tandem with this, we foresee a positive outlook in the upcoming months given the gradual easing of COVID-19 restrictions, which will see the tourism industry in Genting Highlands getting back on track. In addition, the opening of Genting SkyWorlds Theme Park, which is a key tourist destination in Malaysia, is set to boost occupancy rates and heighten the demand for accommodation as well as properties around the area.” he added.
“Against this backdrop, we are steadfast in our commitment to sustain our momentum and deliver sustainable returns to shareholders by strengthening long-terms prospects for the Group moving forward.” he concluded.
