Top Glove reports four-digit rise in profits as demand soars

Shah Alam, Malaysia – Top Glove Corp. has delivered yet again a record quarter, posting a four-digit growth in profit after tax (profit) for the three months ended 28 Feb.

The Malaysian group saw revenue increase 336% year-on-year to RM5.37 billion (€1.09 billion) for the second quarter of 2021 fiscal year, while profits soared 2,400% to RM2.9 billion from RM116 million reported in 2019.

In a 9 March statement, the Shah Alam-based manufacturer linked the increase to the continued ‘soaring global demand’ for gloves, high utilisation levels, production efficiency, and increased average selling prices (ASPs) in line with market pricing. 

While sales volume for the three months rose 19% year-on-year, the figure was down 8% sequentially due to temporary stoppages at the Meru, Klang factories in November and December last year, Top Glove said.

For the first half of the financial year, the Malaysian group's profits surged 2,220% to RM5.29 billion, on 315% higher sales of RM10.1 billion.