The global demand for gloves is increasing and glove maker Top Glove is upbeat about its financial prospects for 2024.
Its share prices have jumped in recent months and the firm expects to be back in the black by the end of the 2024 financial year, said founder and executive chairman Lim Wee Chai in an exclusive interview.
Top Glove, which is dual-listed in Singapore and Malaysia, cut its losses to RM57.7 million (S$16.4 million) in the first quarter of its 2024 financial year that ended on Nov 30, 2023.
This compares with a net loss of RM168.2 million in the corresponding period a year earlier.
Investors drove its shares on the Singapore Exchange to 28.5 cents on Dec 18, up from 23 cents on Dec 12. It closed at 26.5 cents on Jan 26.
The better performance in the first quarter was driven by higher sales volumes, which came about because customers have mostly cleared their pandemic glove stockpiles and are replenishing, Dr Lim told The Straits Times.
"There is also greater awareness of the importance of hygiene postpandemic, leading to increased glove consumption and usage," he added, noting that global glove demand is expected to grow by approximately 8 per cent a year.
Bu hikaye The Straits Times dergisinin January 29, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin January 29, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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