Top Glove profit soars 490% to US$500.4m in Q3

This is much higher than US$85.01m recorded in the same quarter last year.

SGX-listed Top Glove Corporation Bhd reported its profit rose 490% to RM2.06b, approximately US$500.4m, in the third quarter ending 31 May 2021.

The increase from RM350m (US$85.01) in the same quarter last year was attributed to technological advancements and its initiatives in research and development.

“This is attributed to technological advancements towards Industry 4.0, as well as R&D and innovation, and most importantly, good people,” Top Glove Managing Director Dato’ Lee Kim Meow said.

“The softer quarter-on-quarter results for 3QFY2021 was due to the declining average selling prices in line with glove market pricing trends, as well as the impact of glove sales from Malaysia to the US.”

During the quarter, the Malaysia-based firm’s sales revenue increased 147% year-on-year to RM4.16b (US$1.01b)

In the 9 months leading to May 2021, the Group recorded a “healthy” RM7.35b (US$1.78b) profit, surging 11.7 times Y-o-Y.

In line with this, Top Glove declared a dividend payout of 18 sen per share, which will be paid on 7 July.

This brings the total dividend declared 9 months into the financial year to 59.7 sen per share, reflecting a 406% increase from the full-year dividend of 11.8 sen per share in 2020.