Quick take: Comfort Gloves rises on strong earnings report

KUALA LUMPUR: Comfort Gloves Bhd’s shares rose in early trade Tuesday after posting highest-ever quarterly net profit in the fourth quarter ended Jan 31, 2021.

The glove manufacturer rose 3.43%, or seven sen to RM2.11 with over four million shares traded.

In the fourth quarter ended Jan 31, Comfort Gloves earnings jumped to RM137.9mil, or 23.65 sen a share compared with RM10.2mil, or 1.78 sen a share made a year ago.

Its revenue surged 130% to RM318.90mil, from RM138.65mil in the previous corresponding quarter.

This lifted its full year (FY21) net profit to RM287.33mil, or 49.29 sen a share.

The group has declared a second interim dividend of 1.5 sen a share and special payout of 3.5 sen a share, to be paid on April 13.

“The flexibility of the group’s manufacturing process and customer base outside the medical market has allowed the group to effectively manage the shortage of synthetic latex in the market.

“Speciality premium gloves manufactured by the group from natural latex are equally in demand by the group’s partners worldwide, as its synthetic latex counterpart," Comfort Gloves said.

“To meet this increased demand, the group will commission new production lines that increase production capacity by 33% towards the financial year end 2022,” it added.

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