Top Glove Corporation Bhd announced its financial results for the Third Quarter ended 31 May 2024 (3QFY2024), emerging from a protracted period of industry wide glove demand/supply imbalance, to deliver a substantially stronger performance
as it moves closer to breakeven.
For 3QFY2024, the Group registered Sales Revenue of RM637 million, an increase of 16% quarter on quarter and 20% year on year. Its operational losses reduced to RM34 million in 3QFY2024 from a loss of RM59 million in 2QFY2024, representing a 42% improvement. Meanwhile, the glovemaker said sales volume which had been growing since 4QFY2023 continued its upward trend, rising 13% versus 2QFY2024, reflecting the Group’s steady recovery.
The Group also achieved a Profit After Tax of RM62 million, up 255% compared with the preceding quarter and 152% higher than the corresponding quarter in FY2023. The improved profitability factors in gains from the disposal of excess land.
On a 9 months basis, for 9MFY2024, the Group posted Sales Revenue of RM1.68 billion, marginally lower compared with 9MFY2023; while recording a significantly narrower Loss After Tax of RM26 million, a 94% improvement versus 9MFY2023.
