KUALA LUMPUR: NCT Alliance Bhd's net profit surged to RM8.02 million in the first quarter (Q1) ended March 31, 2022 from RM78,000 recorded in the same quarter a year ago.

NCT Alliance's revenue for the quarter increased to RM51.46 million from RM15.48 million.

Executive chairman and group managing director Datuk Seri Yap Ngan Choy said the positive momentum continued to propel the company forward, driven by sales from Grand Ion Majestic project and completed stocks in its Vortex project.

"Furthermore, building on our proven expertise as a project recovery specialist, we aim to continue offering competitive products in the property segment. 

"Coupled with our other projects, including Mahkota Kampar and Acacia Residences, as well as the revival of Phases 2 and 3 of the Genting Valley Project located in Batang Kali, Selangor, NCT Alliance is on track towards realising our NCT 2030 vision of becoming one of the Top 10 developers in Malaysia," he said in a statement yesterday.

Yap said with this solid foundation in place, despite challenges such as higher building material costs and labour shortage, NCT Alliance was poised to remain resilient moving forward. 

"More so with prospects set to improve as Malaysia transitions to the endemic stage, we anticipate stronger demand and growth opportunities in the coming months," he added.