NCT Alliance Berhad (NCT Alliance) has announced a significant increase in revenue for the full financial year ended 31 December 2023 (FY2023), reaching RM280 million, reflecting a robust 16% growth from RM241 million in FY2022. The company also reported a profit after tax (PAT) of RM37.6 million and a profit before tax (PBT) of RM51.4 million for the same period.
The higher revenue in FY2023 was primarily attributed to the ongoing development of NCT Alliance’s flagship project, Grand Ion Majestic (GIM).
NCT Alliance, Executive Chairman and Group Managing Director, Datuk Sri Yap Ngan Choy, expressed confidence in GIM’s potential to significantly bolster the Group’s bottom line upon its completion this year, driven by the anticipated growth in tourist travel to Malaysia.
Despite challenges, including expenses related to the employee share option scheme (ESOS) and the Restricted Share Grant (RSG) plan, the Group achieved a commendable performance in FY2023. In the fourth quarter of the fiscal year, the Group saw a remarkable 22% increase in revenue to RM82 million, compared to RM67 million in the corresponding period of the previous year. PAT for the quarter stood at RM11 million, with PBT reaching RM16 million.
NCT Alliance also demonstrated its commitment to financial prudence by significantly reducing its net gearing ratio from 39% to 14% compared to the previous year. This improvement was attributed to efficient cash flow collection from GIM and the successful completion of projects such as Acacia Residences.
Yap said, “Our improved cash flow position has enabled us to reduce project borrowings and pursue additional avenues for investment opportunities. Moreover, the recent completion of Acacia Residences, along with the successful sale of GIM & Grand Ion Delemen (GID) continues to spearhead the Group’s revenue.”
The resilience exhibited by NCT Alliance underscores its strategic project execution and asset management capabilities amidst external challenges. Yap reiterated the company’s commitment to delivering exceptional projects and maximizing shareholder value. He expressed optimism about the company’s future growth opportunities, emphasizing their readiness to capitalize on the dynamic landscape of the property market.
