In latest message, Top Glove chairman asserts 'extremely robust quarters ahead’ on order build-up

 

KUALA LUMPUR (Sept 11): Ahead of Top Glove Corp Bhd’s fourth quarter and full-year results announcement on Thursday (Sept 17, 2020), executive chairman Tan Sri Dr Lim Wee Chai said the world’s largest rubber glove manufacturer by output volume envisions extremely robust quarters ahead after securing a year's worth of orders as the COVID-19 pandemic led to higher demand for gloves to curb the spread of the outbreak.

Lim said in his latest message on the company’s website that with a year's worth of orders in the pipeline, Top Glove is confident of delivering solid results not only for financial year ended August 31, 2020 (FY2020) but also for FY2021.

"Our prospects including the glove industry remain promising. Global demand for gloves is growing steadily at 10% to 12% per annum driven by strong market fundamentals.

"As the world’s largest manufacturer of gloves, we presently have 46 factories, 724 production lines and a production capacity of 85.5 billion pieces of gloves per annum,” he said.

Yesterday, Top Glove said in a Bursa Malaysia filing that the company will release its 4QFY2020 financial results on Sept 17.

On June 11, 2020, Top Glove said in a Bursa filing that 3QFY2020 net profit rose to RM347.9 million from RM74.67 million a year earlier.

For 9MFY2020, cumulative net profit was higher at RM575 million versus RM290.51 million a year earlier, the company said.

At 5pm today, Top Glove’s share price closed up RM1.31 or 20.31% at RM7.76 for a market value of RM62.97 billion.

The stock saw some 226 million shares traded.

http://www.theedgemarkets.com/article/latest-message-top-glove-chairman-asserts-extremely-robust-quarters-ahead-order-buildup