Hartalega Positive on Prospects
Focus Malaysia 11 Sep 2019 11:20

Hartalega Holdings Berhad (Hartalega), the world’s largest synthetic glove manufacturer, delivered a strong performance for its financial year ended 31 March 2019. The Group recorded improved top and bottom line growth, with a higher profit after tax (PAT) of RM454.9 million and profit before tax (PBT) of RM550.8 million. This was achieved on the back of an increased revenue of to RM2.8 billion.

For its current financial year, the Group posted a PAT of RM94.2 million for its first quarter ended 30 June 2019. This was an increase compared with RM91.4 million registered in the preceding fourth quarter, however it was lower than RM125.1 million recorded in the corresponding quarter of the previous financial year. PBT for the quarter under review came in at RM145.8 million while revenue stood at RM640.1 million.

Kuan Mun Leong, Managing Director, Hartalega Holdings Berhad, said, “The Group was prepared for this in light of heightening competitive pressure, resulting in new capacity growth overtaking demand growth. However, we are confident that this is temporary as the market is readjusting and global demand for rubber gloves continues to increase.”

“We are on-track to meet this demand growth as our expansion plans progress via our Next Generation Integrated Glove Manufacturing Complex (NGC), with Plant 6 and 7 to be completed over the next three years. In tandem, we are focused on driving productivity and enhancing operational efficiency with the implementation of Industry 4.0 and Internet of Things technologies.”

“With these plans underway, we are confident that Hartalega will be able to further reinforce our pole position in the sector and allow us to continue delivering sustainable growth over the long-term,” concluded Kuan.

At Hartalega’s Annual General Meeting, the Group recommended a final dividend payout of 1.9 sen per share single tier in respect of the financial year ended 31 March 2019, to reward shareholders for their continuous support. This brings the total dividend paid out for the 2019 financial year to 8.2 sen per share.

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