Top Glove shareholders triumph, almost RM1b dividend payout for FY2020

by BERNAMA / pic by TMR FILE

TOP Glove Corporation Bhd has announced a final dividend of 8.5 sen, amounting to a payout of approximately RM691.8 million to reward its 57,000 public shareholders, following the group’s remarkable performance for the fourth quarter ended Aug 31, 2020 (Q4 2020).

“This brings the total financial year 2020 (FY2020) dividend payout to 11.8 sen per share, a total payout of approximately RM961.2 million,” it said in a statement today.

The total dividend of 11.8 sen represents an increase of 9.3 sen or 373 per cent over FY2019 – a net profit payout ratio of 51 per cent.

Top Glove’s net profit soared 417 per cent year-on-year in FY2020 to RM1.86 billion, while revenue jumped to RM7.23 billion from RM4.8 billion in FY2019 as demand for rubber gloves spiked amidst the COVID-19 pandemic.

For Q4 2020, net profit stood at RM1.29 billion compared with RM74.16 million in Q4 2019, while revenue was RM3.1 billion versus RM1.18 billion previously.

Top Glove said FY2020’s financial results was “an unsurpassed performance in a year like no other, with more upside in glove demand expected”, adding that the group is also looking forward to fresh highs in FY2021.