Record sales drive Sri Tang Gloves' profit surge in 1Q24

The company reported a net profit of THB146.8m ($5.4m).

Mainboard-listed Sri Tang Gloves (Thailand) (STGT) achieved a net profit of THB146.8m ($5.4m) in 1Q24, driven by unprecedented sales volume.

Sales volume across all products reached 10.1 billion pieces, whilst average selling prices (ASP) increased 1.2% QoQ and 0.4% YoY to THB 599 per 1,000 pieces.

With higher volume and prices, total revenue for the period grew 14.0% QoQ and 32.1% YoY to THB6.1b ($22.7m).

Latex powder-free gloves constituted 39% of total 1Q24 revenue, while latex powder gloves made up 37%. Nitrile gloves contributed the remaining 24%.

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