KUALA LUMPUR: Top Glove Corporation Bhd posted a historic net profit of RM7.87bil for the financial year ended Aug 31, 2021 but its fourth quarter earnings fell to RM607.94m amid the very challenging operating environment. The world’s largest glove maker announced on Friday, FY21 net profit jumped 350% from RM1.75bil in FY20. However, 4Q net profit fell to RM607.94mil from RM1.17bil a year ago. Elaborating on the results, Top Glove said the group’s commendable yearly financial performance was attributed to strong glove demand coupled with elevated average selling prices (ASPs) driven by the ongoing pandemic. Lee said notwithstanding the accelerating vaccination rate, which has sped up the moderating glove demand and tapering of ASPs, Top Glove remains upbeat about industry prospects.
