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Workers are working within the analysis and improvement laboratory of the Prime Glove manufacturing unit in Shah Alam on the outskirts of Kuala Lumpur on August 26, 2020.
MOHD RASFAN | AFP by way of Getty Photos
SINGAPORE – Malaysia’s Prime Glove, the world’s largest producer of medical gloves, is seeing “very sturdy” progress, in line with Lee Kim Meow, CEO of the corporate.
“We’re very optimistic about our future,” Lee instructed CNBC’s “Road Indicators Asia” on Friday.
His feedback got here after Prime Glove reported Thursday that after-tax revenue was up 417% 12 months over 12 months in fiscal 2020. The corporate stated the “super progress was as a result of a worldwide surge in demand for gloves on the again of the COVID-19 pandemic.”
“In 2020, when you have a look at it, the impact did not kick in till the center of this 12 months,” Lee stated.
Trying forward, the corporate expects further progress of a minimum of 20% to 30% for the subsequent 12 months and of a minimum of 15% to 20% for 2022.
The Covid-19 pandemic has introduced gloves and face masks to the fore.
Lee Kim Meow
Managing Director, Prime Glove
Lee stated the coronavirus pandemic has had a “fairly profound” impression on glove makers.
“The Covid-19 pandemic has introduced gloves and face masks to the fore,” he stated.
When requested concerning the demand and attainable results of stockpiling, Lee stated that for her sellers and clients, the products are offered out “earlier than the container even will get to their warehouse”.
“It isn’t like they purchase the gloves to retailer, prepare, and maintain in inventory for 2 or three months,” Lee stated. “In our conversations with lots of our clients they’ve instructed us that they’ve completely no stock of their warehouse and are nonetheless very determined to get their fingers on as many gloves as attainable.”
Hong Kong itemizing?
Prime Glove’s shares, listed in Singapore and Malaysia, have risen a number of instances in 2020, fueled by file demand for medical gloves.
Prime Glove can be planning a 3rd Hong Kong itemizing in six to 9 months. according to Reuters. The corporate’s chief government instructed CNBC {that a} third itemizing was “a really pure improvement”.
“We wish to create an even bigger platform the place our traders have extra choices to put money into the Prime Glove Group, and on the identical time it has to do with company picture,” stated Lee.
“Primarily, we see this as a possibility to boost funds for strategic M&A offers and even to purchase firms that play a really synergistic function in our general image, to develop from one glove producer and transfer into one other strategic enterprise . ” he stated.
