Malaysia’s Top Glove Corporation Bhd reported a soaring profit in the quarter ended August 31, as the coronavirus pandemic drove demand for medical gloves. The company’s profit for the period stood at MYR1.29 billion ($311 million) surpassing MYR74.2 million a year ago and MYR349.2 million estimated by analysts. Revenue in the period jumped 161% year-on-year to MYR3.11 billion ($750 million).
Top Glove said in a statement that demand for gloves remained well above average, expecting demand to continue to grow by 25% in 2021 and 15% after the pandemic. The world’s top glovemaker also projects that demand for personal protective equipment will remain elevated even after a vaccine becomes available.
