Malaysia’s Top Glove posts RM1.29b profit in Q3 on strong demand from Covid-19 outbreak

A worker inspects newly made gloves at Top Glove factory in Klang March 3, 2020. — Reuters pic
A worker inspects newly made gloves at Top Glove factory in Klang March 3, 2020. — Reuters pic

KUALA LUMPUR, Sept 17 — Malaysian glove maker Top Glove Corporation Bhd reported a multifold jump in quarterly profit on Thursday, beating analyst estimates, on strong global demand due to the coronavirus outbreak.

The world’s top glove maker posted its highest-ever net profit of RM1.29 billion for the quarter ended Aug. 31, compared with RM74.2 million a year ago, surpassing the RM349.2 million analyst estimate from a poll by Refinitiv.

Revenue was up 161 per cent year-on-year to RM3.11 billion.

Glove demand remains at a “supernormal level”, Top Glove said in a statement, estimating demand to grow 25 per cent next year and 15 per cent post-pandemic.

The firm said the protective gear would still be required when a vaccine becomes available.

The firm has also earmarked RM8 billion for capital expenditure over the next six years. — Reuters

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