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KUALA LUMPUR (October 27): Hartalega Holdings Bhd posted its best quarterly net profit of RM 544.96 million in the second quarter ended September 30, 2020 (2QFY21), which is approximately five times higher than the 103.87 million ringgit registered last year. .
Earnings per share also rose to 15.95 sen from 3.09 sen previously, the group’s presentation on the local exchange showed.
Quarterly revenue increased 89.73% to RM1.35 billion from RM709.42 million in 2QFY20.
The group attributed stellar earnings growth to higher sales revenue, higher average sales price, lower material costs and better production efficiency.
For the cumulative six-month period of fiscal year 21 (6MFY21), net profit soared by a whopping 286.34% to RM764.68 million, from RM197.93 million last year, while revenue increased 67.92 % to RM2.27 billion from RM1.35 billion.
Meanwhile, the board recommended a first interim dividend of 3.85 sen per share to be paid on December 18, 2020 with an ownership date of December 4, 2020.
This brings the total dividend payment to 5.95 sen / share for 6MFY21, 2.25 sen more than the 3.7 sen dividend paid in 6MFY20.
Going forward, the group said it remains optimistic about the longer-term prospects supported by growing demand for rubber gloves and ongoing expansion plans.
He said that in line with the growing demand for rubber gloves globally, the group will continue with its capacity expansion plans of the next generation Integrated Glove Manufacturing Complex (NGC).
To date, all 12 production lines on Plant 6 of the NGC facility are fully commissioned.
“Plant 7, which supplies specialized products, is expected to start commissioning in the fourth quarter of 2020 and will have an annual installed capacity of 2.7 billion pieces. With the progressive start-up of Plant 7, the group’s annual installed capacity is expected to increase from the current 41 billion to 44 billion pieces for the financial year ending March 31, 2022 (FY22) ”, added.
At noon, Hartalega’s shares rose 68 sen or 3.85% to RM 18.36, bringing its market capitalization to RM 62.86 billion. Some 3.28 million shares were traded.
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