17 September 2020 / 12:09
KUALA LUMPUR: Malaysian glove maker Top Glove Corporation Bhd reported a multifold jump in quarterly profit today, 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% 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% next year and 15% 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.
Free Malaysia Today
TOP GLOVE CATAT KERUGIAN BAGI SUKU TAHUN KETIGA AKIBAT LEBIHAN STOK, PENINGKATAN KOS PENGELUARAN