Tuesday, 07 September 2021 00:00

NCT Alliance 2Q net profit surges to RM9.48m on higher revenue

KUALA LUMPUR (Sept 7): Net profit of NCT Alliance Bhd (formerly known as Grand-Flo Bhd) for the second quarter ended June 30, 2021 (2QFY21) surged to RM9.48 million, from a net loss of RM417.000 a year earlier, on the back of a higher revenue of RM49.2 million versus RM18.88 million previously.

Earnings per share (EPS) rose to 1.78 sen from loss per share of 0.14 sen.

In a bourse filing today, NCT Alliance said its net profit for the cumulative six months jumped to RM9.56 million from a net loss of RM371,000 earlier, on the back of a total revenue of RM64.71 million versus RM42.31 million.


In a separate statement, NCT Alliance executive chairman and group managing director Datuk Seri Yap Ngan Choy said the the company's momentum was underpinned by its strategic plans to expand in the property sector as a leading developer.

He added that the improved performance was primarily driven by the newly acquired Grand Ion Majestic and Grand Ion Delemen projects, with the acquisitions completed in June.

“Moving forward, with the resumption of activities in Genting Highlands plus the opening of its new outdoor theme park, our two projects are expected to generate a sustainable stream of income and cash flow, contributing to the group’s positive prospects for the coming years.

“Looking ahead, with the recent encouraging vaccination rate, we remain optimistic about the outlook as Malaysia’s vaccination rate continues to increase and the nation moves towards achieving herd immunity,” he said.

Yap said that moving forward, NCT Alliance is well positioned to tap into opportunities in the property sector and drive sustainable growth of the group over the long term.

At the midday break today, NCT Alliance settled 5.77% or three sen higher at 55 sen, with 6.36 million shares done.

Source from The Edge Markets

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