SGX-listed Sri Trang Gloves hits record net profit of $991.38m in FY21

A proposed dividend of $0.027 (0.65 baht) per share was also announced.

Sri Trang Gloves, a Singapore Exchange-listed company, reported a record net profit of $991.38m (23.7b baht).

Due to this, a 64.4% jump in net profit attributable to shareholders was put at $990m for the same financial year. Earnings per share also jumped to $0.35 (8.29 baht), up from the $0.25 (5.94 baht). 

This growth was mainly due to the rise in the average selling price of gloves, which grew due to the year-on-year increase in global glove demand. Despite this, however, a slight decline in sales volume was felt due to pandemic-related logistics challenges, putting total export sales volume below the group’s target

“We are heartened by this set of results, which is testament to the resilience of our operations amidst the COVID-19 pandemic challenges. With more production lines in operation, we were able to implement safe management measures more effectively for business continuity,” commented Jarinya Jirojkul, CEO, STGT.

Overall, a final dividend per share of $0.027 (0.65 baht) is currently being proposed by the group. 

As of 31 December 2021, STGT had net assets of $2.15b (51.3b baht), higher than the $1.85b (44.2 baht), Cash and bank balances was at $878.96m (21b baht), lower than the $1.02b (24.3b baht) due to the use of cash for capacity expansion projects.