NVC International Holdings Limited reported a turnaround in 2025, posting a net profit of US$12.38 million versus a US$15.36 million loss a year earlier. Profit attributable to shareholders reached US$11.92 million, translating into basic earnings per share of US$0.0235, compared with a loss per share of US$0.0344 in 2024. No final dividend was proposed.
Revenue and Margin • Revenue declined 5.8% year-on-year to US$222.90 million, reflecting softer demand across key markets. • Gross profit increased 2.4% to US$76.44 million, lifting the gross margin to 34.3% (2024: 31.6%) on procurement optimisation and lower shipping costs. • Cost of sales fell 9.6% to US$146.46 million; raw materials and outsourced manufacturing accounted for 52.6% of revenue, down from 55.5% in 2024.
Operating Performance • Selling and distribution expenses decreased 6.5% to US$28.82 million, maintaining a 12.9% share of revenue. • Administrative expenses rose 5.0% to US$35.63 million, or 16.0% of revenue, mainly due to redundancy payments. • Other gains and losses swung to a US$6.20 million gain, driven by foreign-exchange movements and higher fair-value gains on financial assets. • Finance costs were cut by more than half to US$0.31 million.
Segment & Geographic Highlights • International non-NVC-brand sales remained the core business, contributing 82.4% of revenue at US$183.71 million, down 4.9%. • International NVC-brand sales slipped 4.7% to US$30.47 million, while domestic non-NVC sales fell 23.9% to US$8.72 million. • The United States remained the largest market, generating US$140.24 million, followed by Japan at US$38.13 million and the United Kingdom at US$18.06 million.
Cash Flow and Balance Sheet • Cash and cash equivalents rose to US$124.45 million (2024: US$93.93 million); net current assets increased to US$182.53 million. • Borrowings expanded to US$13.54 million, all at variable rates; the group remained in a net cash position. • Financial assets at fair value through profit or loss stood at US$51.97 million after disposing of all remaining shares in Elec-Tech International for US$6.83 million during the year.
Capital Expenditure and Commitments • Capex totalled US$10.62 million, focused on machinery and intangible assets. • Outstanding capital commitments for property, plant and equipment were US$0.52 million at year-end.
Management Outlook The company expects 2026 operations to remain centred on international lighting, targeting cost-effective and intelligent products while continuing brand upgrades and supply-chain optimisation.
No significant events requiring disclosure occurred after 31 December 2025.