NSL (N02) H1 2025 earnings summary

Executive summary

• Group turnover rose 56% year-over-year to S$465.9 million for the 18-month period ended 30 June 2025, driven by strong Precast division performance.

• Adjusted profit before tax increased to S$51.1 million from S$20.1 million, mainly due to higher Precast division contributions.

• Net profit attributable to equity holders was S$37.2 million, reversing a loss of S$18.7 million in the prior period.

• Significant non-cash impairment losses of S$8.0 million on goodwill were recognized for the PBU division in Finland.

• Gain on divestment of Tropical Resorts Limited and Donvale Limited contributed positively.

Financial highlights

• Revenue for the 6-month period ended 30 June 2025 was S$163.1 million, up 33% year-over-year.

• Gross profit margin improved to 22% for the 18-month period, up from 18% previously.

• Basic and diluted EPS for the 18-month period was 9.96 cents, compared to a loss of 5.01 cents previously.

• Net asset value per share increased to S$0.79 from S$0.73.

• Operating cash flow for the 18-month period was S$67.0 million, up from S$38.3 million.

Outlook and guidance

• Precast business expected to remain satisfactory, supported by order books in Singapore, Malaysia, and Dubai.

• U.S. tariffs anticipated to have no material impact due to lack of exposure.

• PBU business in Finland continues to face challenging housing market conditions.

• Environmental Services division focusing on ramping up capacity utilization.