Thu, Sep 17, 2020 - 3:37 PM TOP Glove Corporation booked record profit and revenue figures for the fourth quarter ended August amid a surge in d
Thu, Sep 17, 2020 – 3:37 PM
TOP Glove Corporation booked record profit and revenue figures for the fourth quarter ended August amid a surge in demand for gloves as a result of the Covid-19 pandemic, and is now looking forward to “fresh highs” in FY21.
Net profit for the quarter came in at RM1.29 billion (S$423.8 million), some 1,646 per cent higher than the net profit of RM74 million in the year-ago period. This lifted the group’s FY20 net profit to RM1.87 billion, which is more than quadruple the profit of RM364.7 million in FY19.
Top Glove also reported quarterly revenue of RM3.1 billion, up 162 per cent from RM1.19 billion in FY19. The group noted that demand growth for the quarter was especially strong in Asia, Western Europe and Eastern Europe, which saw year-on-year increments of 110 per cent, 73 per cent and 64 per cent respectively.
The company’s monthly order book has risen 150 per cent from pre-Covid-19 days, while lead time for delivery currently stands at about 400 days compared to 40 days before the outbreak.
Segmentally, the demand for nitrile gloves increased 31 per cent from the previous year, while natural rubber examination gloves…