Property News

NCT Alliance logs RM37.6m net profit in FY2023

KUALA LUMPUR (Feb 28): NCT Alliance Berhad (NCT Alliance) posted a net profit of RM37.6 million for the full financial year ended Dec 31, 2023 (FY2023) on the back of a 16% increase in revenue to RM280 million from RM241 million previously.
In a statement on Wednesday, the developer attributed the lower profit to expenses related to its employee share option scheme (ESOS) and restricted share grant (RSG) plan.
In the fourth quarter, NCT achieved revenue of RM82 million, up 22% from RM67 million in last year’s corresponding period.
The group said its lower profit for the year and quarter under review were due to higher staff costs, bank facility charges and marketing promotional expenses.
NCT executive chairman and group managing director Datuk Seri Yap Ngan Choy (pictured) said the group continues to deliver positive results, driven by ongoing development of its flagship project, the Grand Ion Majestic (GIM).
“We anticipate GIM to significantly bolster the group’s bottom line upon its completion this year, propelled by the substantial growth in tourist travel to Malaysia,” he said.
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Source: EdgeProp.my