TOP Glove Corp Bhd’s net profit surged to RM1.87 billion in the financial year ended August 31, 2020 (FY2020) from RM364.68 million in FY2019, a rise of 417% year-on-year. 

“The tremendous growth stemmed from a global surge in demand for gloves on the back of the Covid-19 pandemic,” said Top Glove in a filing with Bursa Malaysia today. 

Revenue for the year jumped to RM7.24 billion from RM4.80 billion in FY2019, it added.

It also announced a final dividend of 8.5 sen, amounting to a payout of approximately RM691.8 million to reward its 57,000 public shareholders, following the group’s remarkable performance.

“This brings the total FY2020 dividend payout to 11.8 sen per share, a total payout of approximately RM961.2 million,” it said in a statement today.

The total dividend of 11.8 sen represents an increase of 9.3 sen or 373% over FY2019 – a net profit payout ratio of 51%.

For Q4 2020, net profit stood at RM1.29 billion compared with RM74.16 million in Q4 2019, while revenue was RM3.1 billion versus RM1.18 billion previously.  

Top Glove said FY2020’s financial results was “an unsurpassed performance in a year like no other, with more upside in glove demand expected”, adding that the group is also looking forward to fresh highs in FY2021. – Bernama, September 17, 2020.