Top Glove reports 36% volume growth in first half

Shah Alam, Malaysia – Top Glove has reported a 36% increase in sales volume in the first half its 2026 fiscal year, with profit rising sharply despite what the group described as a “challenging operating environment.”

For the six-month period ended 28 Feb 2026, revenue rose 7% year-on-year to RM1.9 billion (€420 million), while profit after tax and minority interest (PATAMI) increased 92% to RM69 million, the Malaysian glove maker said 18 March.

In the second quarter, sales volume rose 57% year-on-year and 23% quarter-on-quarter, with revenue reaching RM1.0 billion, up 14% against the same period last year.

PATAMI for the quarter stood at RM31 million, up 3% compared to the previous quarter, although the group noted that excluding currency effects, PATAMI “would have nearly doubled year-on-year.”

Top Glove said momentum strengthened during the second quarter, with “sales orders strengthening across most regions.”

Growth was particularly led by Europe where sales “surged significantly,” reflecting regained market share.

Higher utilisation rates of 89% supported “cost efficiency and productivity gains,” helping offset the impact of lower average selling prices, which declined in line with raw material costs.

The group said prices for key inputs fell during the period, with natural rubber latex concentrate and nitrile latex down 3% and 2%, respectively, compared with the previous quarter.

Performance, however, was affected by “a sudden and sharp weakening of the US dollar,” which limited the effectiveness of the company’s ‘hedging programme.’

“We are encouraged by the strong volume growth this quarter, driven by continued glove demand growth and the effectiveness of our operational discipline,” said managing director Lim Cheong Guan.

Looking ahead, Top Glove said it expects the industry recovery to continue, noting that gloves remain “an essential item across multiple sectors.”

The group also flagged risks linked to the Middle East conflict, which has disrupted crude oil supply and could affect availability of nitrile latex.

Top Glove said it was “working with suppliers to facilitate stable supply” while leveraging its ability to switch between nitrile and natural rubber production to manage volatility.

“The current geopolitical situation… has introduced significant uncertainty and volatility across markets, supply chains and logistics,” said executive chairman Tan Sri Dr Lim Wee Chai.

Noting that these are “external factors beyond our control,” Lim said Top Glove would focus on “our internal strengths: our quality, cost efficiency and service delivery.”