In an online media briefing, executive director Lim Cheong Guan (pic) said ASPs for the second half of FY21 are expected to be higher than the first half. PETALING JAYA: Top Glove Corp Bhd is expecting an even stronger performance for the second half (H2) of its financial year ending Aug 31,2021 (FY21) on higher average selling prices (ASPs). In an online media briefing, executive director Lim Cheong Guan (pic) said ASPs for the second half of FY21 are expected to be higher than the first half. “For the second half, the group is expecting additional capacity from its ongoing production expansion, higher plant utilisation, strong demand despite shorter delivery time and lower raw material costs, ” he said. Lim does not expect a sharp drop in ASPs but a gradual decline eventually. For its second quarter ended Feb 28,2021, Top Glove’s net profit jumped nearly 24 times year-on-year (y-o-y) to RM2.97bil, while revenue soared 336% to RM5.37bil.Top Glove factory - filepic The world’s largest glove manufacturer said this was its highest-ever quarterly sales revenue, as global glove demand continued to soar. In the second quarter, sales volume rose 19% y-o-y. Earnings per share was at 35.77 sen, compared with 1.67 sen a year earlier. The group has declared a single-tier interim dividend of 25.2 sen per share, with the ex-date on March 23,2021 and payment on April 6,2021. The group said this was in line with its commitment to pay a special dividend payout of 20% plus 50% as per its dividend policy, totalling a 70% dividend payout for the second quarter of FY21 to the fourth quarter of FY21. This brought total dividend declared for the financial year ending Aug 31,2021 to 41.7 sen per share, compared with none a year earlier. As at Feb 28,2021, the group was in a net cash position of RM4.06bil. For the six months under review, net profit jumped 22 times y-o-y to RM5.23bil (exceeding the group’s total profit for the past 20 years) while revenue rose 315% to RM10.1bil. Earnings per share was 64.77 sen, compared with only 3.06 sen a year earlier. Meanwhile, the group noted that in the second quarter of FY21, natural latex concentrate saw a 35% price jump to an average of RM5.97 per kg and nitrile latex went up 114% to an average of US$2.14 per kg y-o-y, following shortages in supply. However, the average prices for nitrile latex have been on the downtrend since the start of 2021, easing by 5% from January 2021 to March 2021, as supply normalises. On its outlook, the group said global glove demand is estimated to grow from a pre-pandemic level of 10% per annum to 15% per annum post-pandemic, following an increase in usage coupled with heightened hygiene awareness. Top Glove currently has 36 factories across Malaysia, Thailand, Vietnam and China with a total production capacity of 93 billion pieces per annum. The group has earmarked RM10bil for capital expenditure from FY21 to FY25, which will more than double its production capacity to 205 billion pieces per annum from 47 factories by end-2024.
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