KUALA LUMPUR: NCT Alliance Bhd's net profit rose 40 per cent to RM11.2 million in the third quarter (Q3) ended September 30, 2022, compared with RM8 million for the corresponding quarter last year.

The company's revenue surged by 182 per cent to RM74.2 million for the quarter from RM26.3 million for the same quarter in the previous year.

For the nine months ended September 30, 2022, NCT Alliance's net profit rose 73 per cent to RM30.4 million compared with RM17.6 million in the preceding year

This was achieved on the back of an improved revenue of RM174.5 million, up by 92 per cent compared with RM91 million for the same period last year.

Executive chairman and managing director Datuk Sri Yap Ngan Choy said the strong performance was mainly due to the resumption of economic activities and the reopening of national borders.

Yap said the company saw its flagship development, the Grand Ion Majestic (GIM) and high-rise project, Acacia Residences, record positive growth.

"Additionally, new attractions in Genting Highlands continue to contribute to a higher footfall, further boosting GIM's prospects," he said.

In addition, Yap said the company also benefited from the sales of completed stocks for its Vortex and Mahkota Kampar projects.

"This certainly demonstrates the company's resilience and appeal.

"To this end, we look forward to leveraging this opportunity by offering distinctive products at an attractive value," he added.