Top Glove shares surge 7.3% to two-month high on return to full-year profitability
The group attributes its improved performance to improved glove demand and cost efficiency
[SINGAPORE] Shares of Top Glove soared on Friday (Oct 10) morning after the Malaysian glovemaker posted its first full-year profit since 2022.
By 9.03 am, the counter had risen 7.3 per cent or S$0.015 to S$0.22, with 5.6 million shares changing hands. The last time it traded at this price was on Jul 18.
The share price then eased to S$0.215 by 10.28 am, though this was still 4.9 per cent or S$0.01 above its opening price on Friday. With around 21.7 million shares transacted, it was one of the Singapore Exchange’s most actively traded stocks by volume.
Top Glove swung into the black with a net profit of RM38.6 million (S$11.8 million) for its fourth quarter ended Aug 31, reversing from a net loss of RM6.6 million for Q4 2024.
For the full financial year, it recorded a net profit of RM109.1 million, recovering from a net loss of RM64.9 million for FY2024. This marked a return to profitability after two consecutive years of net losses.
Top Glove attributed its performance to improved glove demand and cost efficiency. Its board recommended a final dividend of 0.48 sen per ordinary share, payable on Dec 15, amounting to a total payout of RM38.5 million for the financial year ended Aug 31.
