Thursday 28 Mar 2024
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KUALA LUMPUR (May 14): Hartalega Holdings Bhd’s saw its net profit jump 30.7% to RM116.8 million in the fourth quarter ended March 31, 2018 (4QFY18), from RM89.4 million a year earlier.

The world’s largest synthetic glove manufacturer’s quarterly revenue rose by 17% to RM616.84 million, from RM527 million in 4QFY17. Earnings per share was at 3.53 sen in 4QFY18, compared with 2.72 sen the previous year.

For the full year (FY18), Hartalega reported a net profit of RM440.1 million or 13.29 sen per share, up 55.4% from RM283.3 million or 8.62 sen per share in the previous year. Revenue also increased 33.33% to RM2.4 billion, from RM1.82 billion in FY17.

Its group managing director Kuan Mun Leong said in the statement: “This marks another significant milestone for the Group. Our strategic plans continue to bear fruit, enabling us to deliver a strong performance on the back of increased sales volume, in tandem with our continuous expansion in production capacity and robust demand for nitrile gloves.” 

On prospects, Hartalega expressed its confidence in propelling the group forward in the coming year, as it is driven by its strategic expansion plans and product innovation,” Kuan said. 

“As we move forward, we are well on track to meet growing global demand, driven by our Next Generation Integrated Glove Manufacturing Complex (NGC). To this end, we have successfully commissioned all 12 production lines in Plant 4 of the NGC. We target to commence commissioning of Plant 5 in July 2018 and subsequently, the construction of Plant 6. We are also planning to construct an additional Plant 7, which will focus on small orders and specialty products,” Kuan added. 

Additionally, Hartalega is also set to launch its antimicrobial gloves in Europe on May 31, 2018, Kuan said.

“We are also currently in the process of securing approval from the Federal Drug Administration to enter the US market with this latest product,” Kuan added. 

Hartalega shares closed unchanged at RM6 today, with 4.9 million shares traded, giving it a market capitalisation of RM20.14 billion.

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