KUALA LUMPUR: NCT Alliance Bhd showed its resilience with a net profit of RM7.0 million for its first quarter ended March 31 2023, only slightly lower than RM8 million in the previous year's corresponding quarter.
The marginal decline was primarily due to the expense of RM3.5 million incurred from the group's employee share scheme (ESS).
Excluding this, its core profit for the quarter came in at RM10.5 million.
Datuk Seri Yap Ngan Choy, executive chairman and group managing firector of NCT Alliance, said it continued to see positive contributions from itd flagship developments, the Grand Ion Majestic (GIM), as well as high-rise project, Acacia Residences.
"In tandem with evolving demand, these two projects have been very well received due to its strategic location and appealing offerings that attract a wide range of buyers. We look forward to the continued success of these key developments in the coming quarters," he added.
Meanwhile, the Ggoup welcomed its new board member Yap Chui Fan, as an independent non-rxecutive director, effective from May 31 2023.
This follows the resignation of Cheong Kee Yoong as senior independent non-executive director, stepping down after a 15-year tenure.
"With nearly 40 years of experience in the field of accounting and working in various public listed companies, Yap has gained valuable experience in human resources, corporate affairs, internal control, and risk management, amongst other key areas," it said.
Yap completed her diploma in sccounting at the London Chamber of Commerce and Industry and holds several professional qualifications in sccountancy and tax.
She is also a registered company secretary with the Companies Commission of Malaysia since 2018.
"We are pleased to welcome Ms. Yap to the Board. Her extensive experience will enhance our collective expertise and strengthen our position in the industry.
"We would also like to take this opportunity to thank Mr. Cheong Kee Yoong for his invaluable contributions over the past 15 years."
Source: https://www.nst.com.my/business/2023/05/915326/nct-posts-q1-net-profit-rm70mil
