KUALA LUMPUR (Nov 30): NCT Alliance Bhd's net profit for the nine months ended Sept 30, 2022 (9MFY2022) rose 73% to RM30.4 million from RM17.6 million a year earlier.

In a statement on Tuesday (Nov 29), the developer said this was achieved on the back of an improved revenue of RM174.5 million, up by 92% compared with RM91 million for the same period last year.

NCT said its net profit for the third quarter ended Sept 30, 2022 rose by 40% to RM11.2 million, compared with RM8 million a year earlier, while revenue jumped by 182% to RM74.2 million for the quarter under review from RM26.3 million.

NCT executive chairman and group managing director Datuk Seri Yap Ngan Choy said the strong performance was mainly due to the resumption of economic activities and the reopening of national borders, which saw the group's flagship development, the Grand Ion Majestic (GIM), and high-rise project Acacia Residences recording a positive growth.

“Additionally, new attractions in Genting Highlands continued to contribute to a higher footfall, further boosting GIM’s prospects,” he said.

Yap said the group also benefited from sales of completed stocks for its Vortex and Mahkota Kampar projects.

“This certainly demonstrated the group’s resilience and appeal.

“To this end, we look forward to leveraging this opportunity by offering distinctive products at attractive value,” he said.