TOPGLOV (7113): TOP GLOVE CORP BHD 'turned a corner' after 14 months of humbling, valuable lessons — chairman
Tan Siew Mung
KUALA LUMPUR (Oct 5): Top Glove Corp Bhd founder and executive chairman Tan Sri Dr Lim Wee Chai said the rubber glove manufacturer has "turned a corner” after 14 months of humbling and valuable lessons that included Covid-19 pandemic-driven lockdowns which are deemed highly disruptive forces that had changed many traditional market parameters in 2020 and 2021.
The highly-disruptive forces also tested the adaptability of the best of companies, Lim said in his latest message on Top Glove’s website.
"As the pandemic took hold and lockdowns came into effect, what used to be relatively predictable boundaries in the marketplace are now compounded by many other new factors, testing the resolve of the best of companies and their ability to adjust quickly and support the pandemic response.
"The takeaway to date for Top Glove is clear: we cannot just remain good at producing gloves and other personal protective equipment. We need to be the best at producing these products in an environment that demands rapidly customised, activated and innovative services, as well as having global talents which understand global business needs at all levels of our organisation including the board,” he said.
According to Lim, the new environment also demands new kinds of collaboration and partnerships with Top Glove's stakeholders, starting with the company's leadership and employees followed by vulnerable communities, and the glove manufacturer's supply chains.
In addition, customer profile continues to change and insights into the needs of new profiles of customers across different jurisdictions and demographics will determine the success of businesses, he said.
"On Sept 10, 2021, the US Customs and Border Protection (CBP) modified the finding on Top Glove. The modification of the finding enables us to turn a momentous corner which now permits Top Glove to resume exporting our disposable gloves made at our facilities in Malaysia to [the] US.
"This is truly a positive development for us. Our commitment to keeping our employees and business partners safe, while ensuring a strong supply of quality products, and giving back to [the] communities we have operations in remains our main and central priority. Notwithstanding, the last 14 months presented many humbling and valuable lessons for us and we are pleased to have turned a corner,” Lim said.
He said Top Glove continues to realign its business strategies to ensure its operations remain uninterrupted and run in compliance with guidelines from authorities.
Despite the challenging environment, the opportunities ahead are plenty, according to him.
"The resilience that took us through the challenging 14 months is an invaluable asset which we must utilise to building a stronger Top Glove,” he said.
At Bursa Malaysia on Tuesday (Oct 5), Top Glove’s share price rose nine sen or 3.4% at 11:41am to RM2.74 for a market value of about RM22.5 billion.
Top Glove has 8.21 billion issued shares.