The group attributes its improved performance to the higher demand for gloves and its cost efficiency
[SINGAPORE] Shares of Top Glove soared on Friday (Oct 10) morning after the Malaysian glove-maker posted its first full-year profit since 2022.
By 9.03 am, the counter had risen 7.3 per cent or S$0.015 to S$0.22, with 5.6 million shares having changed hands. The last time it traded at this price was on Jul 18.
The stock later retreated to end the day flat at S$0.205, with close to 33 million shares transacted. It was one of the Singapore Exchange’s most actively traded stocks by volume on Friday.
Top Glove swung into the black with a net profit of RM38.6 million (S$11.8 million) for its fourth quarter ended Aug 31, reversing from a net loss of RM6.6 million for Q4 2024. Its Q4 revenue rose 6.7 per cent year on year to RM889.6 million, from RM833.7 million.
For the full financial year, it recorded a net profit of RM109.1 million, recovering from a net loss of RM64.9 million for FY2024. This marked a return to profitability after two consecutive years of net losses. Its full-year revenue increased by 38.8 per cent to RM3.5 billion, from RM2.5 billion in the year-ago period.
Top Glove attributed its performance to improved glove demand and cost efficiency. Its board recommended a final dividend of 0.48 sen per ordinary share, payable on Dec 15. The total payout for the financial year ended Aug 31 is RM38.5 million.
