Malaysia’s Top Glove posts record profit in Q4

10 March, 2021 12:00 AM printer

KUALA LUMPUR: Malaysia’s Top Glove Corp posted a record profit for the fourth consecutive quarter in the December to February period as continued demand for gloves globally boosted sales, the company said on Tuesday.

Net profit soared 2,380 per cent to RM2.87 billion (US$695.93 million) in the second quarter of the financial year from RM115.7 million a year ago, it said in a filing to Malaysia’s stock exchange, report agencies.

The company said the profit achieved for the first half of the current financial year ending in August 2021 exceeded the group’s total profit for the past 20 years.

The world’s largest medical gloves manufacturer has benefited from soaring demand for its medical gloves and protective gear during the COVID-19 pandemic, but a US import ban continues to cast a shadow on its stellar performance.