UALA LUMPUR: TOP GLOVE CORPORATION BHD [] net profit for fourth quarter ended Aug 31, 2009 more than doubled to RM56.83 million from RM25.11 million a year ago due to better cost control, glove quality improvement and also stronger demand due to the Influenza A(H1N1) pandemic.
For the full year, its net profit surged to RM169.15 million on back revenue of RM1.53 billion, compared to net profit RM110.06 million on revenue RM1.38 billion last year.
Top Glove has proposed a final dividend of 9 sen per share and a special dividend of 6 sen.
Reviewing its performance, the glove maker said the continuing strong profit growth for FY09 showed that it was efficient and had adapted well to the challenging business environment and resulting from cost saving measures implemented at all factories, improvements in product quality, productivity, as well as aggressive marketing strategies to sustain its market leader position.
"With the group achieving strong profit growth for the financial year 2009, it will continue to be optimistic of its future outlook despite ongoing global economic challenges.
"With a large customer base spread over more than 180 countries worldwide and with a diversified range of good quality products, coupled with a team of dedicated employees, the group is confident of continuous growth and good profitable performance in next financial year," it said.
On its prospects and targets, Top Glove said it currently has 19 factories, 355 production lines with production capacity of 31.5 billion pieces of gloves per annum and 9,100 employees.
The company said it has more than 850 customers worldwide and exports to more than 180 countries.
The Group's Factory 19, which is located in Klang, started operation in early June 2009 and currently is in full operation to meet the increase in global demand and greater awareness in health care, it said.
It said Factory 20, which is located in Klang as well, has commenced the installation of 16 new and advanced glove production lines and is targeted to be completed by February 2010.
"In addition, the Group has planned CONSTRUCTION [] of Factory 21 which is also located in Klang. It will house 16 new and advanced glove production lines, with targeted completion by July 2010.
"In order to meet the increase demand of latex concentrate for its glove production, the group is in the process of installing additional nine latex concentrate centrifuge machines in Thailand, Factory 16L, with targeted completion by December 2009," it said.
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