NCT Alliance Berhad’s first-half 2026 numbers reflect a shift in its development cycle rather than an absence of new projects. Revenue contracted as work on its flagship industrial park reached completion, while the developer expanded its pipeline in Selangor and Kedah and explored opportunities in data centres.
For the six months ended 30 June 2026, revenue was RM184.46 million versus RM294.67 million a year earlier. Profit before tax declined to RM49.68 million from RM55.90 million, while profit attributable to shareholders held at RM35.95 million, against RM36.00 million previously. The comparative figures were restated under the merger method following a corporate restructuring.
Management attributed the revenue decline mainly to construction timing at NCT Smart Industrial Park (NSIP). More Phase 1 revenue had been recognised last year; after its Certificate of Completion and Compliance was issued in May 2026, less work remained to be billed. New phases must now take over as the source of future development revenue.
The earnings mix also warrants closer examination. First-half other income rose to RM40.54 million from RM12.22 million. NCT reported RM12.38 million in rental income, a RM15.20 million fair-value revaluation gain and RM12.09 million of other property-related income, primarily arising from forfeited bookings and cancellations. The rental component is encouraging, but valuation gains and cancellation income are not equivalent to recurring development profit.
Net operating cash outflow reached RM76.32 million during the period as developments absorbed working capital. Collections, borrowing needs and construction spending will remain important measures of progress alongside reported earnings.
NSIP is still the principal growth engine. The enlarged development covers approximately 910 acres with an estimated GDV of RM10.2 billion. Phase 1 handovers have begun, while its RM2.5 billion KM2 phase was launched in September and is targeted for completion in 2029. NCT also entered a conditional RM53 million agreement for an 80% stake in a company holding approximately 176.7 acres of land adjoining NSIP, potentially extending the master plan.
Beyond Selangor, NCT InnoSphere offers entry into the northern industrial corridor. Developed with Northern Gateway Group in the Delapan Special Border Economic Zone at Bukit Kayu Hitam, the 137-acre project carries an estimated RM1.1 billion GDV. Its eight-phase plan comprises about 230 industrial units, including build-to-suit options, while a commercial hub is planned for the fourth quarter of 2026. Proximity to Thailand adds appeal for cross-border logistics and manufacturing operations.
A proposed data-centre land transaction offers further potential. In May, NCT signed a term sheet covering 100 acres within NSIP for a project that could support up to 800 megawatts of capacity. Definitive agreements and regulatory approvals were still required under the disclosed terms, and no earnings contribution should be assumed before completion.
NCT’s longer-term prospects will depend on converting these projects into contracted sales, timely deliveries and cash generation. Take-up at KM2, progress at InnoSphere and any definitive data-centre agreement will be more revealing than one half-year revenue comparison.