NSL Ltd.

NSL Ltd.

SSGX:N02
0.90
SGD
0.00
(0.00%)
280.17MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2026 Y
TTM
Revenue per Share
1.13
1.14
0.9
0.9
0.95
0.76
0.73
0.66
0.7
0.99
0.8
0.81
1.03
- -
Basic EPS, GAAP
0.4
0.01
0.18
0.35
0.01
-0.01
-0.09
-0.04
0.01
0.03
-0.05
0.06
0.06
- -
Free Cash Flow per Basic Share
0.01
0.08
0.08
0.01
-0.07
-0.11
-0.06
0.03
-0.01
0.06
0.08
0.05
0.03
- -
Dividend per Share
0.1
0.5
0.08
0.05
0.25
0.05
0.05
0.05
0.05
0.05
0.45
0.02
0.03
0.05
Book Value per Share
1.85
1.41
1.5
1.8
1.57
1.5
1.37
1.33
1.29
1.24
0.73
0.78
0.84
1.3
Tangible Book Value per Share
1.82
1.38
1.48
1.78
1.54
1.47
1.34
1.3
1.26
1.22
0.71
0.77
0.83
1.27
Basic Weighted Avg Shares
374
374
374
374
374
374
374
374
374
374
373
374
374
375
Sales/Revenue/Turnover
422
426
337
337
356
283
272
247
260
370
298
303
386
- -
Operating Margin (%)
3.51
2.34
3.72
2.25
-2.2
-4.59
-7.17
-1.27
2.89
5.51
5.54
10.92
10.47
- -
Depreciation Expense
19
19
16
14
13
15
19
19
17
17
17
15
15
- -
Net Income, GAAP
149
3
67
131
4
-4
-33
-17
5
11
-19
21
23
- -
Effective Tax Rate (%)
37.9
20.84
- -
23.18
16.75
- -
- -
- -
32.06
31.03
- -
23.25
34.65
- -
Profit Margin (%)
35.23
0.67
19.79
38.98
1.1
-1.36
-12.17
-6.73
1.89
2.89
-6.27
7.02
5.98
- -
Working Capital
526
383
366
502
447
360
316
327
315
294
163
175
199
293
LT Debt
15
12
10
16
9
20
41
36
31
13
27
12
13
39
Total Equity
703
540
571
678
590
566
509
492
477
459
268
288
308
485
Return on Invested Capital (%)
12.42
1.58
- -
1.24
-1.03
- -
- -
- -
0.87
0.84
- -
7.38
6.94
- -
Return on Capital (%)
22.17
-3.19
- -
20.13
0.72
- -
- -
- -
1.2
2.51
- -
6.79
7.58
- -
Return on Common Equity (%)
23.5
0.47
12.28
21.29
0.62
-0.67
-6.18
-3.3
1
2.26
-5.06
7.5
7.63
- -

Capital Structure

SGD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
ST Debt
9
14
13
LT Borrowings
23
23
23
LT Finance Leases
16
17
16
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
374
374
374
Market Capitalization
374
351
280

Working Capital

SGD

•

in mil. unless spec.
Sep'19
Dec'19
Jun'20
Total Current Assets
427
422
414
Cash, Cash Equivalents & STI
270
282
274
Accounts Receivable, Net
106
72
84
Inventories
49
46
54
Total Current Liabilities
105
106
122
Payables & Accruals
- -
- -
- -
ST Debt
9
14
13
Deferred Revenue
- -
- -
- -

Growth Rates

SGD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.59%
-6.81%
6.98%
Free Cash Flow
-256.27%
-226.16%
-33.88%
Net Income, GAAP
2.01%
-98.2%
8.48%
Sales/Revenue/Turnover
2.91%
11.42%
27.46%
Total Cash Common Dividend
- -
- -
75%

Semi-annual Revenue

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
303
2026
- -
- -
386

Semi-annual Earnings Per Share

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.06
2026
- -
- -
0.06

Semi-annual Dividends Per Share

SGD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.02
2026
- -
- -
0.03

Company Description

CEO
Sock Siong Yeoh
Full Time Employees
3,192
Sector
Non-energy minerals
Industry
Construction materials
Address
Singapore Singapore
IPO Date
Jan 2, 1979
Website
nsl.com.sg
Business
NSL Ltd. is an industrial management and investment holding company primarily engaged in the manufacturing and distribution of precast concrete building systems, environmental and waste management services, and specialty chemicals. Founded in 1961 as National Iron and Steel Mills Limited and headquartered in Singapore, the company operates across key regional markets including Singapore, Malaysia, the United Arab Emirates, and the wider Asia-Pacific region. The company conducts its operations through three principal business divisions: Precast & Prefabricated Building Components, Environmental Services, and Chemicals & Others. Through its Precast & Prefabricated Building Components segment, operating through subsidiaries and brands such as Eastern Pretech in Singapore and Malaysia, and Dubai Precast LLC in the United Arab Emirates, the company manufactures and delivers precast reinforced concrete products, including beams, columns, hollow-core slabs, precast facades, and lightweight concrete wall panels; customized prefabricated bathroom units (PBUs); prefabricated prefinished volumetric construction (PPVC) modules for high-rise residential, commercial, industrial, and infrastructure developments; and precast structural engineering components. Through its Environmental Services division, operated primarily via NSL OilChem Waste Management Pte. Ltd., the company provides environmental and industrial solutions, including maritime and industrial oily wastewater treatment; slop and sludge processing; toxic industrial waste treatment and incineration services; hazardous waste collection and disposal; industrial tank cleaning; oil recovery and distillation; and the trading and distribution of recycled fuel oil. Through its Chemicals and Other investments segment, the company engages in the trading and distribution of industrial chemicals and lime-based materials, as well as property and hospitality asset investments. In recent major corporate developments, NSL Ltd. underwent a significant ownership and strategic transition in late 2024 when YTL Cement Singapore Pte. Ltd., a subsidiary of Malaysia-based YTL Cement Berhad, acquired a controlling 81.24% equity stake in the company from 98 Holdings Pte. Ltd. for approximately S$227.6 million, triggering a mandatory unconditional general cash offer. This transaction integrated NSL into YTL Group's extensive regional building materials network, positioning the company to capitalize on cross-border synergies in industrialized building systems, precast manufacturing automation, and low-carbon sustainable construction technologies across Southeast Asia. Additionally, the company continues to execute operational realignments aimed at enhancing productivity in its automated precast manufacturing facilities and expanding its green circular economy solutions in hazardous waste treatment and resource recovery.