The world’s largest glove maker will boost its US presence over the next two years to offset Chinese competitors leveraging lower Asean tariffs
Top Glove returned to profit after losses in the two previous financial years, posting net income of 109 million ringgit (US$25.9 million) for the full year ended in August.
Stronger glove demand and cost management efforts helped to support earnings, the company said. Revenue for the year rose 39 per cent to 3.49 billion ringgit (US$828 million). Top Glove shares rose as much as 12 per cent on Thursday.
It is targeting US sales to account for 40 per cent of the company’s group volume sales over the next two years, up from 30 per cent now, according to a July report by Kenanga Investment Bank.
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