RUBEREX 7803 RUBBEREX CORPORATION (M) BERHAD posts net profit of RM2.0mil for Q2
Similar to other glove makers, the results were no surprise as the industry is presently facing intense competition amidst a severe and persistent over-supply of gloves in the market. NSTP/MUHAMMAD SULAIMAN
KUALA LUMPUR: Rubberex Corporation Bhd posted a net profit of RM2.0 million, backed by revenue of RM46.4 million for the second quarter (Q2) ended June 30, 2022.
Compared to the previous quarter, net profit had decreased by 23.1 per cent from RM2.6 million recorded in the first quarter (Q1) of 2022.
Cumulatively, the company achieved RM4.6 million in net profits for the first half of this year, a sharp decline of RM151.2 million or 97.0 per cent from last year.
Similar to other glove makers, the results were no surprise as the industry is presently facing intense competition amidst a severe and persistent over-supply of gloves in the market.
Group managing director Khoo Chin Leng said that as global vaccination rates improve over time and the usage of gloves becomes more mainstream, over-supply and declining average glove selling prices (ASP) are inevitable.
"While lower capacity utilisation and sales volumes were seen from our nitrile disposable glove division, demand for the company's other products, specifically our general-purpose and industrial gloves, remained stable and profitable," he said in a statement today.
Rubberex remains focused on its nitrile disposable glove division, where glove consumption is expected to stabilise in the long run.
Echoing the resilience of the healthcare industry, Khoo said that with significant improvements in health and safety standards worldwide, the company believes the demand for gloves will persevere.
Rubberex also released its circular seeking shareholders' approval for multiple proposals announced on May 31, 2022, on the acquisition of medical test kit manufacturer Reszon Diagnostics International Sdn Bhd, diversification into the healthcare business and subsequent change of name to Hextar Healthcare Bhd.
Rubberex's owner and sole largest shareholder, Datuk Eddie Ong Choo Meng, is supportive of the company's latest ventures and believes that the healthcare business will contribute significantly to the future growth and value of Rubberex.
While Eddie re-affirms his support and commitment to the company's core glove business, he said the move to diversify into a profitable business in a growing sector with huge potential is in line with Rubberex's long-term strategy of delivering sustainable growth and returns to shareholders.
https://www.nst.com.my/business/2022/08/825003/rubberex-posts-net-profit-rm20mil-q2
Singapore Investment
-
-
-
-
-
🇬🇷 Ελληνικές μετοχές11 hours ago
-
-
-
-
5 simple tips to spend money more wisely22 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Will I be rich?2 days ago
-
-
-
-
-
-
Finance Investment Movement 593 days ago
-
-
-
-
-
Bird Paradise – at a discount3 days ago
-
-
-
-
-
-
-
-
-
-
-
Buying more1 week ago
-
-
-
-
-
I have Achieved Lean FIRE!!1 week ago
-
-
-
The Art of Being Patient2 weeks ago
-
-
-
-
-
2Q 2025 Investment Strategy Update2 weeks ago
-
Portfolio Summary for June 20252 weeks ago
-
-
Portfolio (June 30, 2025)2 weeks ago
-
Portfolio (June 30, 2025)2 weeks ago
-
-
-
Portfolio -- June 20252 weeks ago
-
June 2025 Updates2 weeks ago
-
-
-
Will SORA crash to 1 per cent?3 weeks ago
-
-
Hello world!3 weeks ago
-
-
-
8 tips for house moving4 weeks ago
-
-
-
-
-
-
-
-
-
-
-
Thakral - Gem life deal finally coming?1 month ago
-
-
-
Clarity1 month ago
-
The Trump Tariffs2 months ago
-
Selling HRnet and Fiverr2 months ago
-
-
-
-
Ignore the noise and be calm2 months ago
-
-
-
-
FAQ on Quantitative Investing Part 23 months ago
-
-
-
-
Crossing the 300k Mark [in a volatile period]3 months ago
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?5 months ago
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!6 months ago
-
Top 10 Highlights of 20246 months ago
-
-
-
Union Square Residences8 months ago
-
-
-
STI ETF9 months ago
-
-
-
Unibet Casino Bonus Codes 202410 months ago
-
-
-
-
-
Monthly IBKR Update – June 20241 year ago
-
-
-
-
-
-
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
Hello SP Group, I'm Back!2 years ago
-
-
-
A New Light2 years ago
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment3 years ago
-
Terra Hill Condo (former Flynn Park)3 years ago
-
Alibaba VS Tencent: The Battle Royale3 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-