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Hartalega Committed to Sustaining Momentum


 

Hartalega Holdings Berhad (Hartalega), the world’s largest nitrile glove manufacturer, continues to deliver consistent results. For its financial year ended 31 March 2020, the Group recorded a higher profit before tax (PBT) of RM555.4 million as well as an improved revenue of to RM2.9 billion. Profit after tax (PAT) stood at RM434.4 million.

Left to right- Kuan Mun Keng (Director- Corporate Finance & Business Development), Kuan Kam Hon (Executive Chairman) and Kuan Mun Leong (CEO)

For its current financial year, the Group kicked off its first quarter ended 30 June 2020 on a strong note, recording a PAT of RM221.1 million, a significant jump from RM94.2 million in the same quarter last year. PBT for the quarter under review grew to RM272.8 million while revenue rose to RM920.1 million. Moving forward, the Group expects to record better results in the coming quarters as average selling price continues to increase due to strong global demand for gloves.

Mr Kuan Mun Leong, Chief Executive Officer of Hartalega Holdings Berhad, said, “We remain committed to ramping up expansion plans in order to meet heightened global demand for nitrile gloves. The unfortunate Covid-19 pandemic is expected to continue to drive market demand and we are focused on playing our role in protecting front liners in the ongoing fight against this global crisis.”

 “In order to cater to this demand growth, as well as taking a longer-term perspective towards the structural step-up in demand, Hartalega is accelerating capacity expansion via our Next Generation Integrated Glove Manufacturing Complex (NGC). To date, we have commissioned 10 out of 12 production lines for Plant 6, while for Plant 7, the first production line is on-track for completion by October 2020.”

 “On top of this, Hartalega is further scaling up our expansion plans with the acquisition of land adjacent to Plant 7 of the NGC. Totalling 60.57 acres and with all necessary infrastructures readily available, this will see the construction of four additional plants, namely Plants 8 to 11, which will progress expeditiously, adding installed capacity of another 19 billion pieces per annum once completed.”

 “Going beyond this, our long-term capacity growth will be propelled by our next expansion phase, the NGC 2.0. We aim to commission the first production line of NGC 2.0 in the first half of 2022. Once fully completed by 2027, these expansion plans will see the Group’s total annual installed capacity increase to 95 billion pieces per annum.”

 “With these plans in place, we are confident that Hartalega will not only uphold our position as a frontrunner in the industry, but also continue contributing to safeguarding lives across the world,” concluded Mr Kuan.

 At Hartalega’s Annual General Meeting, the Group recommended a final dividend payout of 2.1 sen per share single tier in respect of the financial year ended 31 March 2020, to reward shareholders for their continuous support. This brings the total dividend paid out for the 2020 financial year to 7.75 sen per share.

About Hartalega 

The Hartalega Group has been manufacturing premium latex gloves since 1988 and currently operates from state-of- the-art manufacturing plants in Bestari Jaya and Sepang, Selangor. The Group has a current available capacity of producing over 37 billion gloves annually. Hartalega is currently the largest producer of nitrile gloves in the world and exports to over 70 countries across five continents, namely Americas, Asia, Europe, Australia and Africa. Hartalega was listed on the Main Board of Bursa Malaysia in April 2008. As at June 30, 2020, Hartalega’s shareholders’ funds stood at RM2.7 billion, while market capitalisation is currently in excess of RM40 billion.

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