KUALA LUMPUR, Sept 17 — Top Glove Corporation Bhd’s net profit jumped 346 per cent to RM7.87 billion in the financial year ended Aug 31, 2021 from RM1.75 billion in the same period a year earlier. The glove producer told the stock exchange that the commendable performance was due to strong glove demand, coupled with elevated average selling prices , driven by the ongoing pandemic.In the fourth quarter , Top Glove’s net profit declined to RM607.95 million against RM1.
This was further affected by the punitive actions by US Customs and Border Protection , impacting sales volume and profit, said Top Glove. “We are confident that demand for gloves as an essential item in the healthcare sector will continue its upward trend, all the more with the emergence of new virus strains,” managing director Datuk Lee Kim Meow said in a separate statement.
Top Glove’s Malaysian operations have been allowed to resume exporting and selling gloves to the US effective Sept 10, 2021, indicating the group has addressed all indicators of forced labour identified at its Malaysian facilities.
I hope they would park some of their windfalls on CSR.