NSL (N02) H2 2025 earnings summary

Executive summary

• Achieved a significant turnaround with group turnover rising 56% to S$465.9 million for the 18-month period ended 30 June 2025, compared to S$298.1 million for the 12 months ended 31 December 2023, mainly due to higher revenue from the Precast division.

• Group profit before tax reached S$48.2 million, reversing a loss before tax of S$15.5 million in 2023, driven by strong Precast division performance.

• Profit attributable to equity holders was S$37.2 million, compared to a loss of S$18.7 million in 2023.

• NSL became part of YTL Cement Group in October 2024, aligning its financial year-end and unlocking new growth opportunities.

Financial highlights

• Turnover: S$465.9 million (18 months to June 2025), up 56% from S$298.1 million (12 months to Dec 2023).

• Profit before tax: S$48.2 million (2025) vs. loss of S$15.5 million (2023).

• Net profit: S$39.0 million (2025) vs. net loss of S$19.6 million (2023).

• Basic earnings per share: 10.0 cents (2025) vs. loss per share of 5.0 cents (2023).

• Total assets: S$407.99 million (2025) vs. S$383.71 million (2023).

• Shareholders’ funds: S$295.5 million (2025) vs. S$274.3 million (2023).

• Total dividend for the period: 4.5 cents per share (1.5 cents final, 3 cents interim).

Outlook and guidance

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

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

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

• Environmental Services division to focus on ramping up capacity utilisation to improve industrial wastewater business performance.