HARTALEGA RECORDS A WHOPPING RM555.4 MIL PROFIT BEFORE TAX (PBT) UP UNTIL 31 MARCH 2020

Published by Kevin Chong @ 22/10/2020

Hartalega Holdings Berhad - Kuan Mun Keng (Director- Corporate Finance & Business Development), Kuan Kam Hon (Executive Chairman) and Kuan Mun Leong (Chief Executive Officer)

In its current financial year, Nitrile glove manufacturer, Hartalega Holdings Berhad (Hartalega), recorded a PAT (Profit After Tax) of RM221.1 million, a significant jump from RM94.2 million in the same quarter in the previous year. PBT (Profit Before Tax) for the quarter under review grew to RM272.8 million while revenue rose to RM920.1 million.

Hartalega expects to record better results in the coming quarters as the average selling price continues to increase due to strong global demand for gloves. For its financial year that ended on 31 March 2020, the Group recorded a higher PBT of RM555.4 million as well as an improved revenue of RM2.9 billion. Profit after tax (PAT) stood at RM434.4 million.

Mr. Kuan Mun Leong, Chief Executive Officer of Hartalega Holdings Berhad, said, “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.

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.”