Top Glove’s net profit rose 485% in 3Q


TOP Glove Corporation Bhd’s net profit rose 485.3% year-on-year (YoY) to RM2.04 billion in the third quarter ended May 31, 2021 (3QFY21) compared to RM347.9 million in the same period last year on the back of higher sales output coupled with higher average selling prices (ASPs) which peaked in February 2021.

Revenue for the quarter rose 146.6% YoY to RM4.16 billion from RM1.69 billion in 3QFY20 attributed to continued demand for gloves globally due to the pandemic.

In a bourse filing today the group said its healthy profit was also buoyed by ongoing enhancements across its operations, through digital transformation, continuous research and development and innovation, quality and productivity initiatives.

On a nine-month basis, the group’s net profit surged 1163% higher YoY to RM7.26 billion in the quarter under review against RM575 million a year prior. Its revenue surged 246.2% in the period to RM14.29 billion from RM4.13 billion in the corresponding period last year.

The glove maker declared a third interim dividend of 18 sen per share to be paid on July 7, 2021.