KUALA LUMPUR (March 15): Comfort Gloves Bhd’s fourth quarter net profit rose by a whopping 1,246% to a record RM137.87 million, from RM10.24 million a year earlier, underpinned by higher sales volume and average selling prices. 

Earnings per share for the quarter ended Jan 31, 2021 shot up to 23.65 sen from 1.78 sen, the group said in a stock exchange filing.

The glove manufacturer said its revenue surged 130% to RM318.90 million, from RM138.65 million in the previous corresponding quarter. 

For the full year, net profit leaped 766% to RM287.34 million from RM33.18 million in the previous year, while revenue rose 85% to RM946.45 million from RM510.74 million.  

Comfort Gloves declared an interim dividend of 1.5 sen and a special dividend of 3.5 sen, to be paid on April 13. 

The group said it is confident of putting up a strong performance in the near term. 

It said the current market environment has allowed the group to work with its partners worldwide to lock in commitments to purchase gloves.  

“The flexibility of the group’s manufacturing process and customer base outside the medical market has allowed the group to effectively manage the shortage of synthetic latex in the market.  

“Speciality premium gloves manufactured by the group from natural latex are equally in demand by the group’s partners worldwide, as its synthetic latex counterpart.  

“To meet this increased demand, the group will commission new production lines that increase production capacity by 33% towards the financial year end 2022,” it said.  

Shares of Comfort Gloves ended one sen or 0.49% higher at RM2.04 today, giving the group a market capitalisation of RM1.19 billion. The counter had risen to as high as RM7.28 over the past year but year-to-date, it is down 31.77%.