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Top Glove slides to RM8 despite strong earnings, dividend

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At 4pm, it was trading at RM8.08, down 35 sen with over 161 million shares traded at prices ranging from RM8 to RM8.82.

The FBM KLCI fell 21.29 points or 1.38% to 1,510.09. Turnover was 6.18 billion shares valued at RM5.03bil. The broader market was weaker with 797 losers to 339 gainers and 352 counters unchanged.

In its statement issued at the midday break, Top Glove said: “With more upside in glove demand expected, the group also looks forward to fresh highs in FY2021.” Revenue increased by 161% to RM3.11bil from RM1.18bil a year ago. Again, this help boost its FY20 revenue, which increased also by a 50.7% to RM7.23bil from RM4.80bil in FY19.In its press release, Top Glove said the healthy cash flow generated by the excellent performance enabled the group to lower borrowings, which led to a 33% savings in terms of interest cost.

This has considerably strengthened the group’s financial position, which enabled the group to fully settle its syndicated loan of RM654mil during the year.

 

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