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KUALA LUMPUR (September 11): Ahead of Top Glove Corp Bhd’s full-year and fourth-quarter results announcement on Thursday (September 17, 2020), CEO Tan Sri Dr Lim Wee Chai said the major The world’s rubber glove maker by production volume forecast extremely strong quarters ahead after securing a year of orders as the COVID-19 pandemic led to increased demand for gloves to slow the spread of the outbreak.
Lim said in his latest post on the company’s website that with a year of orders pending, Top Glove is confident of delivering strong results not only for the financial year ending August 31, 2020 (FY2020) but also for the FY2021.
“Our prospects, including the glove industry, remain promising. Global glove demand is growing steadily at 10-12% annually driven by strong market fundamentals.
“As the world’s largest glove manufacturer, we currently have 46 factories, 724 production lines, and a production capacity of 85.5 billion pieces of gloves per year,” he said.
Yesterday, Top Glove said in a Bursa Malaysia presentation that the company will release its 4TFY2020 financial results on September 17.
On June 11, 2020, Top Glove said in a Bursa presentation that 3TFY2020 net profit increased to RM 347.9 million from RM 74.67 million a year earlier.
For 9MFY2020, the accumulated net profit was greater than RM575 million compared to RM290.51 million in the previous year, the company said.
At 5pm today, Top Glove’s share price closed up RM1.31 or 20.31% to RM7.76 for a market value of RM62.97 billion.
The stock saw around 226 million shares traded.
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