KUALA LUMPUR (June 4): Top Glove Corp Bhd, the world’s largest rubber glove manufacturer by production capacity, said its annual glove production capacity had increased to about 100 billion pieces as at June 2021 to meet strong demand for the product due to the Covid-19 pandemic.
According to Top Glove's latest corporate presentation, the group’s glove production capacity increase has been achieved via the manufacturer's 37 glove factories, which have a total of 812 equivalent single former lines.
"Increased sales and revenue consequent to strong demand for gloves arising from the pandemic. Operational flexibility to maintain high utilisation rates to meet increased demand,” Top Glove said.
Looking ahead, the company said that by Dec 31, 2021, its annual glove output capacity is expected to rise to 111 billion pieces across 39 glove factories with a total of 886 equivalent single former lines.
For now, Top Glove, which also manufactures other products including condoms and masks, said it has a total of 48 factories across Malaysia, Thailand, China and Vietnam.
Out of the 37 glove factories, 32 are located in Malaysia, three in Thailand, and one each in China and Vietnam, according to the company.
On Bursa Malaysia today, Top Glove’s share price fell two sen or 0.4% at 11:16am to RM4.98, which values the group at about RM40.89 billion.
Top Glove has 8.21 billion issued shares.
On June 2, Top Glove said in a Bursa filing that the glove manufacturer will release on Wednesday (June 9), its financial results for the third quarter ended May 31, 2021 (3QFY21).
For 2QFY21, the company said in a March 9, 2021 filing that net profit rose to RM2.87 billion from RM115.68 million a year earlier.