Malaysian glove maker Top Glove Corporation Bhd reported a multifold jump in quarterly profit on Thursday, beating analyst estimates, on strong global demand due to the coronavirus outbreak.
The world’s top glove maker posted its highest-ever net profit of 1.29 billion ringgit ($311.37 million) for the quarter ended Aug. 31, compared with 74.2 million ringgit a year ago, surpassing the 349.2 million ringgit analyst estimate from a poll by Refinitiv.
Revenue was up 161% year-on-year to 3.11 billion ringgit.
Glove demand remains at a “supernormal level”, Top Glove said in a statement, estimating demand to grow 25% next year and 15% post-pandemic.
The firm said the protective gear would still be required when a vaccine becomes available.
The firm has also earmarked 8 billion ringgit for capital expenditure over the next six years.