“然而末季业绩也受到美元贬值影响，为此我们上调了销售价格，其效果要在11月才开始实现。” (Kuala Lumpur, 10th News) Due to improved operational efficiency and land sale income, Top Glove (TOPGLOV, 7113, main board medical care group) achieved a net loss of 3.57 million 1000 ringgit for the fourth quarter ended August 31, 2024, narrowing from a net loss of 0.4 billion 61.72 million 5000 ringgit in the same quarter last year.
The annual net loss also narrowed to 61.8 million 9000 ringgit, compared to a net loss of 0.9 billion 25.21 million 8000 ringgit in the previous fiscal year.
The group's fourth-quarter revenue reached 0.8 billion 35.3 million 9000 ringgit, a 75.46% year-on-year increase; the full-year revenue reached 2.5 billion 15.97 million 9000 ringgit, an 11.46% year-on-year increase. According to Top Glove's performance report, the fourth-quarter sales volume saw a high growth of 91%, achieving a net profit after tax of approximately 8 million ringgit. Compared to the same quarter last year, it changed from a loss to profit, benefiting from improved operational efficiency and land sale income.
However, the performance in the last quarter was also affected by the depreciation of the US dollar. As a result, we raised selling prices, which will only take effect in November.
"The significant improvement in performance is due to continuous glove restocking by customers, leading to increased sales volume, thereby improving utilization rate and cost efficiency."
The group added that the growth in its USA market is particularly strong, with sales skyrocketing by 120% per quarter, benefiting from a large number of foreign glove manufacturers being included in the Food and Drug Administration (FDA) import alert list.
The USA is set to impose high tariffs on medical gloves manufactured in China, therefore Top Glove expects greater sales growth in the coming quarters.
On the other hand, the company proposed a 20-for-1 ratio in distributing up to 0.4 billion 5.96 million 4951 warrants.
Sin Chew Daily
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