NSL doubles net profit to $148.6 million, proposes 40 cents a share special dividend

NSL, formerly known as NatSteel, reported stellar full-year earnings of $148.6 million, mainly from recognising the gains of selling its petrochemical associate in Thailand last December.

The divestment of Bangkok Synthetics Co. yielded a net gain of $121.7 million and was classified under exceptional items.

Net profit for the year had soared by 218 per cent from $46.8 million, on the back of a 21 per cent rise in revenue to $507.7 million.

NSL said on Tuesday that its topline was supported by better takings across all its divisions, except the chemicals segment that registered a marginal decline in revenue.

Its construction products divisions recorded higher sales volume and revenue from precast operations in Singapore and the regional dry mix business. Improved product mix and higher spreader deliveries boosted its engineering division.

Earnings per share stood at 39.79 cents, up from 12.52 cents largely due to the exceptional item.

Net asset value per share was $1.83 as of Dec 31 last year, up from $1.54 a year earlier.

A final cash dividend of 10 cents a share, and special cash dividend of 40 cents a share was proposed. It is subjected to the approval of shareholders at the annual general meeting which is to be held on or around April 16.

NSL shares closed 0.5 cent up at $1.78 on Tuesday.