Malaysia's Top Glove Corporation Bhd said it planned to list in Hong Kong within six to nine months after "supernormal" demand for disposable gloves during the COVID-19 pandemic saw its quarterly profit skyrocket to a company record.
Executive chairman Lim Wee Chai said the world's top disposable medical glove maker, which is already listed in Malaysia and Singapore, was in talks with bankers about the Hong Kong deal.
"It's only a plan and we are talking to the bankers to see which is the most suitable method to go for listing in Hong Kong," he added in a virtual briefing. "As a whole we are a global company, we must expand our company to a bigger market so that (we are) visible in the world market."
Top Glove outlined the plans to list in the Asian financial centre as it posted its highest-ever quarterly net profit of 1.29 billion ringgit ($311.37 million), for its fourth quarter which ended on Aug. 31.
That was 17 times higher than the 74.2 million ringgit it made a year ago, and easily surpassed the 349.2 million ringgit average analyst estimate from a poll by Refinitiv.
Revenue was up 161% year-on-year to 3.11 billion ringgit.
Managing Director Lee Kim Meow said the financial results "hit an unprecedented high". Protective gear will still be required even when a vaccine becomes available, Top Glove added.
"With a triple-digit increase in the group's monthly order book and lead times closing in on the two-year mark, we expect to continue delivering solid results well into financial year 2021," Lee said .
Glove demand remains at a "supernormal level", the company said, estimating demand would grow 25% next year from the 20% this year, and 15% post-pandemic.
Sales volumes for the quarter rose 42.5% from a year ago, and 16.6% for the 2020 financial year.
Top Glove currently has the capacity to produce 85.5 billion glove pieces - one of a pair - a year and has earmarked 8 billion ringgit of capital expenditure over the next six years to add an additional 100 billion pieces of capacity.
Its new Vietnam factory is scheduled to be commissioned next month.
Reuters
Thu Sep 17 2020
Top Glove outlined the plans to list in the Asian financial centre as it posted its highest-ever quarterly net profit of 1.29 billion ringgit ($311.37 million), for its fourth quarter which ended on Aug. 31 - Foto BERNAMA
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.
Thai court rejects petition over ex-PM Thaksin's political influence
Thailand's Constitutional Court rejects a petition seeking to stop Thaksin Shinawatra from interfering in the running the Pheu Thai party.
Abidin takes oath of office as Sungai Bakap assemblyman
The State Assemblyman for Sungai Bakap, Abidin Ismail, was sworn in today at the State Assembly building, Lebuh Light.
UPNM cadet officer charged with injuring junior, stomping on him with spike boots
A cadet officer at UPNM pleaded not guilty to a charge of injuring his junior by stomping on the victim's stomach with spike boots.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies' market value.
Elon Musk blasts Australia's planned ban on social media for children
Several countries have already vowed to curb social media use by children through legislation, but Australia's policy could become one of the most stringent.