KUALA LUMPUR: Property Developer, NCT Alliance Berhad today announced its third quarter (Q3 FY2024) and cumulative nine months (9M FY2024) financial results for the period ended Sept 30, 2024.
In Q3 FY2024, the Group recorded a 7% year-on-year (YoY) growth in revenue to RM90.2 million, up from RM84.6 million in Q3 FY2023. The Q3 FY2024 revenue growth was primarily driven by the Ion Belian Garden project, following the acquisition of NCT Builders Group Holdings Sdn Bhd (NBGH) in the Property Development segment.
The Group's revenue for 9M FY2024 showed significant growth of 26%, increasing to RM248.8 million compared to RM198.0 million in the corresponding period in 9M FY2023. The increase in nine-month revenue was attributable to the construction progress on both ongoing and newly launched phases of Ion Belian Garden project, along with sales of completed inventories of Acacia Residences, Grand Ion Delemen and Grand Ion Majestic. Correspondingly, the profit before tax for 9M FY2024 increased to RM37.7 million, compared to RM35.4 million in 9M FY2023.
Profit before tax for the third quarter declined to RM4.7 million compared with RM14.2 million in the preceding year’s corresponding quarter. The decline in Q3 FY2024 PBT was primarily attributed to the adjustment of group land costs following the completion of the acquisition of NBGH. This acquisition pertains to a project under Ion Belian Garden, encompassing a total land bank of 105.3 acres in Batang Kali, Selangor. Notably, this represents another “white knight” project undertaken by NCT Alliance Berhad.
Commenting on the Group’s performance, Datuk Sri Yap Ngan Choy, Executive Chairman and Group Managing Director of NCT Alliance Berhad, said, “We are pleased to report another set of healthy financial performance, reinforcing our optimism for the property development sector. This positive outlook is supported by Malaysia's encouraging economic growth forecasts, favourable government policies, and rollout of major infrastructure projects. Notably, Bank Negara’s decision to maintain OPR and relaxation of MM2H Programme and Budget 2024 incentives to support broader market activities which is expected to further benefit the developer on the market demand. However, we remain prudent, closely monitoring economic conditions and market trends to navigate challenges and seize emerging opportunities.”
“Growth remains the cornerstone of NCT Alliance’s strategic vision,“ emphasised Yap. “We are actively exploring strategic ventures that go beyond traditional property development. Our goal is to create comprehensive townships that seamlessly integrate residential, retail, education and hospitality components. This integrated development approach will strengthen our revenue diversification as well as deliver exceptional value to our stakeholders while creating sustainable, vibrant communities for our residents.”
“Our proven track record in strategic acquisitions has significantly enhanced our revenue base, and we continue to actively pursue value-creating opportunities that align with our growth objectives. As we move forward, our priority remains clear - delivering ongoing projects on schedule while maintaining the highest standards of quality. Our strategic expansion across key growth corridors in Malaysia, coupled with operational excellence, positions us strongly to meet evolving market demands and drive sustainable growth,” concluded Yap.
