PETALING JAYA: Top Glove Corp Bhd posted a record financial performance for its financial year ended Aug 31, 2020 (FY20) and has earmarked RM8 billion...
JAYA: Top Glove Corp Bhd posted a record financial performance for its financial year ended Aug 31, 2020 and has earmarked RM8 billion for capital expenditure from FY21 to FY26.
Factory F41 which is the group’s first factory in Vietnam, is expected to come onstream next month, with an initial production capacity of 2.4 billion pieces of gloves from its 10 production lines. Raw material prices in Q4’20 were on the uptrend compared with Q3’20, as natural latex concentrate increased 3.9% to an average of RM4.56/kg and nitrile latex rose 3.3% to an average of US$0.94/kg.
As at Aug 31, 2020, the group was in a net cash position of RM2.34 billion, in turn allowing the funding of ongoing organic capex, dividend payment, future mergers and acquisitions, as well as the acquisition of land bank for business expansion. “The continuous increase in sales orders from 195 developed and developing countries across the world, coupled with rapid growth in capacity and significant improvements in productivity through technology augurs well for the group’s results going forward. Notwithstanding news of several promising vaccines in the pipeline, glove demand remains at a ‘supernormal’ level, as gloves will still be required even when a vaccine becomes available,” he said.
“With a triple digit increase in the group’s monthly order book and lead times closing in on the two-year mark, we expect to continue delivering solid results well into FY2021,” managing director Datuk Lee Kim Meow said.
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