May 8, 2021

Premium Newspaper

The Premium News Provider

Hartaleja ended the fourth quarter higher, with a ten-fold increase in net profit


lease: Hartalega Holdings Bhd’s net profit for the fourth quarter ended March 31 jumped to RM1.12 billion, a ten-fold increase from the RM114.42 million reported in the same quarter of the previous year, mainly due to higher sales revenue as well as lower facilities. And maintenance expenses.

The quarter’s revenue nearly tripled to RM2.3 billion from RM778.24 million previously reported.

For the fiscal year ending March 31, Hartalega’s net profit saw a six-fold jump to RM2.89 billion from RM433.62 million reported in the corresponding quarter of the previous financial year.

Revenue for the period more than doubled to RM6.7 billion from RM2.92 billion previously reported.

The Group announced a third interim dividend in one category of 17.7 years per share, which will be paid on June 9, bringing the total dividend for the fiscal year to 31.2 years per share.

The group remains optimistic about the long-term outlook, supported by growing demand for rubber gloves and ongoing expansion plans.

The company’s CEO, Kwon Moon Leung, indicated that vaccination efforts have begun, but different countries have seen new waves of Covid-19 cases, and global demand for medical supplies including nitrile gloves is expected to remain high.

Then, he indicated that the increased demand growth would be driven by structural escalation of demand, against a backdrop of increased glove use from emerging markets with reduced glove consumption per capita and increased awareness of hygiene, thus creating a new baseline for the industry.

“Going forward, we focus on our expansion plans. The 1 to 6 factories of the Next Generation Integrated Glove Manufacturing (NGC) complex have been fully completed and we have operated six out of 10 lines for the 7 plant, which will have an annual production capacity of 2.7 billion pieces of Gloves once fully completed. ” Kwan in a statement.

After completing the next expansion phase of the natural gas facility, which will see an additional capacity of 19 billion pieces of gloves, its installed annual capacity will increase to 63 billion pieces over the next two or three years.

“With these expansion plans on the right track, we remain well positioned to meet the global growth in demand for high quality nitrile gloves,” said Cowan.