KUALA LUMPUR, June 9 (Xinhua) -- The world's largest rubber glove maker Top Glove announced Wednesday that its net profit for the third quarter ending May 31 surged more than five times to 2.04 billion ringgit (500 million U.S. dollars), from 347.9 million ringgit a year ago, driven by strong glove demand amid COVID-19 pandemic.
Top Glove said in a statement that its quarterly revenue also more than doubled to 4.16 billion ringgit, from 1.69 billion ringgit a year ago.
For the nine months ending May 31, the group's net profit soared more than 12 folds to 7.26 billion ringgit, from 575 million ringgit a year earlier, while its revenue jumped more than three times to 14.29 billion ringgit, from 4.13 billion ringgit a year earlier.
The group said its strong and healthy sales were attributed to the continued demand for gloves globally, driven by the ongoing pandemic.
The improved profit came on the back of higher sales output, coupled with higher average selling prices which peaked in February 2021, it added.
Going forward, it said it will continue to work hard to meet the growing global glove demand, which is estimated to grow from a pre-pandemic level of about 10 percent per annum to about 15 percent per annum post-pandemic.
"Towards this, the group's strategy will include a combination of organic expansion, inorganic expansion and strategic investments," it said.
According to Top Glove, by Dec. 31, 2024, the group is projected to have a total of 60 factories comprising 47 glove factories and 13 other factories, 1,512 glove production lines and a glove production capacity of 205 billion gloves per annum. (1 U.S. dollar equals 4.12 Malaysian Ringgit)