(Updated)

Hartalega share trading volume spikes as investors weigh profit rise, dividend

Hartalega share trading volume spikes as investors weigh profit rise, dividend
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KUALA LUMPUR (Aug 3): Hartalega Holdings Bhd's share trading volume spiked to about 20 million units as the rubber glove manufacturer’s share price pared losses in Bursa Malaysia afternoon trade today in an apparent reaction to the company’s announcement of its year-on-year (y-o-y) and quarter-on-quarter (q-o-q) rise in net profit for the first quarter ended June 30, 2021 (1QFY22) and dividend due to Covid-19 pandemic-driven demand for gloves as crucial personal protective equipment (PPE).

As at 3.59pm, Hartalega recorded a share trading volume of 19.58 million, compared with 3.25 million units yesterday.

Its share price, meanwhile, had fallen 22 sen or 3.13% to RM6.81 at 3.59pm after falling to its lowest so far today at RM6.64.

Hartalega announced earlier during Bursa’s afternoon break today that its net profit rose to RM2.26 billion for 1QFY22, from RM219.72 million a year earlier, while revenue increased to RM3.9 billion from RM920.09 million.

In quarterly terms, net profit was also higher than RM1.12 billion for 4QFY21, while revenue climbed from RM2.31 billion, according to the company.

For 1QFY22, Hartalega proposed a dividend of 19.75 sen per share, compared with 2.1 sen a year earlier.

Read also:
Hartalega’s 1Q net profit breaks new record at RM2.26b, up 102% q-o-q despite lower average selling price

Chong Jin Hun