Author: gloveharicut   |   Latest post: Mon, 1 Mar 2021, 3:52 PM


Hartalega delivers record net profit in Q3 from higher sales volume

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Hartalega delivers record net profit in Q3 from higher sales volume

KUALA LUMPUR: Hartalega Holdings Bhd posted record results for its third quarter (Q3) ended 30 December 2020, with net profit surging 78 per cent to a massive RM1.0 billion from RM122.27 million a year ago.

 Group revenue nearly tripled to RM2.13 billion from RM796.55 million in the same quarter in 2020.

 Hartalega said its performance was attributed to significantly higher sales revenue stemming from increases in both sales volume as well as average selling price. 

 This was further boosted by lower energy costs and upkeep expenses as a result of continued advancements in productivity.

 For the nine-month period, the group reported a net profit of of RM1.78 billion, a significant leap from RM320 million recorded in last year's corresponding period, while revenue grew more than double to RM4.39 billion from RM2.15 billion.

 Given the group's sterling performance, the board declared a second interim single tier dividend of 9.65 sen per share for its financial year ending March 31, 2021, payable on February 26.

 Hartalega chief executive officer Kuan Mun Leong said demand for medical supplies, such as gloves, was not abating given the fact that the world was still facing the impact of the Covid-19 pandemic. 

 "Given the impact of the pandemic, demand is expected to increase due to a strong uptick in glove usage particularly in emerging markets as a result of heightened hygiene awareness.

 "In light of these circumstances, we expect demand to continue to outstrip supply for the next few years," he said in a statement today.

 Kuan said as the demand was expected to continue unabated for the next few years, Hartalega was committed to the expansion plans for its Next Generation Integrated Glove Manufacturing Complex (NGC). 

 "All 12 production lines in Plant 6 of NGC have been fully commissioned while four out of 10 lines in Plant 7 have come on stream. 

 "With the progressive commissioning of Plant 7, our annual installed capacity is expected to increase to 44 billion pieces by financial year 2022," he said.

 Kuan said additionally, the group had entered into two sales and purchase agreements for the acquisition of two pieces of land located in Sepang and Banting, measuring 60 acres and 95 acres respectively. 

 "These land acquisitions are in line with our efforts to progressively expand our annual installed capacity to 95 billion pieces by 2027.

 "We are confident that prospects remain strong given the structural step up globally for gloves, specifically nitrile gloves," he added.


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