Top Glove’s net profit surges 346% to RM7.87bil

Top Glove Corporation’s revenue rose to RM16.40 billion for the year ended Aug 31 from RM7.24 billion a year ago.

KUALA LUMPUR: Top Glove Corporation Bhd’s net profit jumped by 346% to RM7.87 billion in the financial year ended Aug 31, 2021 (FY21) from RM1.75 billion in the same period a year earlier.

Revenue for the year also surged by 127% to RM16.40 billion from RM7.24 billion in FY20.

In a filing with Bursa Malaysia, the world’s leading glove producer attributed the performance to strong demand coupled with elevated average selling prices (ASPs) driven by the ongoing pandemic.

Meanwhile, the group’s net cash position remained healthy at RM2.05 billion as of Aug 31. - FMT