KUALA LUMPUR: NCT Alliance Bhd  posted a net profit of RM43.2 million for the financial year ended Dec 31 2022,  up 28 per cent from RM33.7 million in the previous financial year. 

Revenue for the year under review improved 15 per cent to RM241.4 million, from RM209.9 million in 2021.

For its fourth quarter, the group recorded a net profit of RM12.8 million on the back of RM66.9 million revenue.

Datuk Seri Yap Ngan Choy, executive chairman and group managing director of NCT Alliance, said the encouraging full-year results were driven by the robust performance of its flagship development, the Grand Ion Majestic (GIM) and high-rise project, Acacia Residences. 

"The property sector in Malaysia is thriving as we move beyond the challenging economic environment from the previous year. 

"Our projects, particularly GIM's strategic location in Genting Highlands, bode well for the Ggoup as the ease of travel restrictions resulted in higher footfall. Additionally, the sales of completed stocks in our Vortex and Mahkota Kampar projects were also a significant growth driver for the year," he added.

Yap said as the nation returned to pre-pandemic levels, NCT Alliance was confident that its focus on delivering exceptional products and value, coupled with the optimistic outlook for the Malaysian property market in 2023, would enable it to sustain its momentum.