The world’s largest manufacturer of rubber gloves, Malaysian Top Glove, increased its quarterly profit tenfold over the year, by 2030 percent, reports Bloomberg citing the company’s report of financial results for the fall.
The indicator in the first fiscal quarter of 2021 (lasts from September to November) was $ 580 million. This is also twice as much as in summer. Revenue for the year rose 294 percent to $ 1.16 billion.
Top Glove management expects that the emergence of vaccines against the coronavirus will not affect further income, as people will still need protection. In addition, some vaccines may be ineffective, and it will take a long time for their release and mass vaccination of the population of the countries of the world.
In 2021, the company expects an increase in deliveries by 25 percent, and in 2022 – by another 15 percent. Thus, she wants to go from the release of 60 billion gloves before the pandemic to the level of 100 billion.
The Malaysian company accounts for about a quarter of the world’s glove production. It has 47 factories and 21 thousand employees, and Top Glove products are bought in 195 countries of the world.
At the end of November, the company was forced to close 20 of its production sites after as more than 2.5 thousand employees were diagnosed with coronavirus. Most of the disease was found in foreign workers who live in hostels.