“Top Glove” Profit Jumps 20 Folds, Expecting Demand to Grow 25% in 2021!

“Top Glove” Profit Jumps 20 Folds, Expecting Demand to Grow 25% in 2021!

Malaysia’s Top Glove Corp., the world’s largest rubber gloves maker, posted a record first-quarter profit as the coronavirus pandemic continued to drive demand of rubber gloves.

 

Net income jumped to 2.38 billion ringgit ($5804 million) for its first quarter earnings, ended November, 2020, from 111.4 million ringgit in the year-ago period, while posting a 2,030% growth from the previous quarter, which was also a record high for the company as well. The company announced that the revenue almost quadrupled to 4.76 billion ringgit for the quarter.

 

In the statement published by Top Gloves, the company stated that demand for gloves will likely grow 20% in 2020, 25% in 2021 and 15% after the pandemic and will not revert to pre-pandemic level due to increased hygiene awareness.