NSL Ltd reported a net profit attributable to shareholders of S$10.19 million for the six months ended 31 December 2025, down 46 per cent year-on-year, as project delays in its Malaysian precast operations and a sharp slowdown in environmental services weighed on earnings.
Group revenue slipped 11 per cent to S$159.41 million, while basic and diluted earnings per share declined to 2.73 Singapore cents from 5.07 cents a year earlier. The board declared an interim cash dividend of 2.0 Singapore cents per share, payable on 18 March 2026, compared with an interim payout of 3.0 cents in the previous year.
By division, Precast & Prefabricated Bathroom Units (PBU) remained the main contributor with turnover of S$130.7 million (-6 per cent YoY) and pre-tax profit of S$20.2 million (-19 per cent). Environmental Services revenue fell 32 per cent to S$21.7 million and swung to a pre-tax loss of S$4.4 million, hurt by the loss of a key industrial wastewater customer and softer demand for refined fuel oil and de-slopping services. The Chemicals unit posted revenue of S$1.8 million (-22 per cent) but returned to a pre-tax profit of S$0.9 million after exiting a loss-making roadstone business. The “Others” segment trimmed its loss before tax to S$1.6 million, while share of results from associates improved to S$0.5 million.
Operating cash flow moved to an outflow of S$6.9 million from an inflow of S$15.4 million a year earlier, primarily due to higher working-capital requirements. Capital expenditure on property, plant and equipment rose to S$10.5 million, contributing to a net investing cash outflow of S$9.8 million.
Looking ahead, management expects precast activity in Singapore, Malaysia and Dubai to stay firm, although the Finnish PBU business remains constrained by a subdued housing market. The group also cautioned that its Environmental Services division continues to face challenging conditions and will focus on raising utilisation at its industrial wastewater facilities. No specific financial targets were disclosed.