KUALA LUMPUR: NCT Alliance Bhd is actively expanding its portfolio through the strategic proposed acquisition of NCT Builders Group Holdings Sdn Bhd and the development lands in Sabah.
The investments are aimed at broadening the group’s market reach and fortifying its long-term prospects in order to deliver improved shareholder value, said Datuk Sri Yap Ngan Choy, executive chairman and group managing director of NCT Alliance.
In the first quarter ended March 31, 2024, the property developer posted a net profit of RM12.26mil, up from RM7.02mil in the previous corresponding quarter.
The basic earnings per share rose to 0.88 sen from 0.58 sen in the comparative quarter.
Revenue jumped to RM88.34mil from RM55mil in 1QFY23.
Yap said the strategic project deliveries for Grand Ion Majestic and Acacia Residences drove the increases in both profit and revenue for the group.
“The timely completion complemented by secured sales at these developments were key growth drivers this quarter,” he said.
Consequently, NCT Alliance was able to further pair down its project bridging loans and other borrowings, significantly strengthening its balance sheet and halving its net gearing ratio from 14% at the end of 4QFY23 to 7%.