Top Glove profit for FY2021 soars to RM7.8b

The profit increase drove its earnings per shares higer to RM0.9591.

SGX-listed Top Glove Corporation’s profit for the financial year 2021 soared by more than 300% to RM7.8b from RM1.8b in 2020.
 
The increase in Top Gloves’ profit also drove its earnings per share higher to RM0.9591 from RM0.2188 after the issuance of bonus shares.
 
Revenue of the Malaysian glovemaker likewise jumped to RM16.4b from RM7.2b in 2020.
 
On the other hand, the group’s net current assets are down to RM2.1b  from RM2.2b last year.
 
The Malaysian glovemaker posted improved performance despite having its operations halted in its 28 manufacturing facilities last year from 17 November to 14 December.
 
Operations were put on hold following an outbreak of COVID-19 cases in their workers’ dormitories. The infection outbreak affected approximately 5,700 of their employees situated in Meru, Klang.
 
The site closures resulted in a two to four-week “delay in the deliveries of its products, as well as a longer lead time for fulfilling purchase orders,” the group reported.
 
Also contributing to the company’s better financial year was the lifting of the withhold release order imposed by the U.S. Customs and Border Protection on the disposable rubber gloves manufactured by its subsidiaries, namely Top Glove Sdn. Bhd. and TG Medical Sdn. Bhd, has last 10 September 2021. 

Medi-Flex Pte. Ltd is subsidiary of  Top GLove in Singapore