Just over a year ago, I did a deep dive into UG Healthcare Corporation Limited (“UG Healthcare”) (SGX:8K7). Like most disposable glove manufacturers, UG Healthcare had a stellar year as Covid-19 resulted in a sharp spike in demand for gloves, precipitating severe industry shortages.
Fast forward to today, UG Healthcare has recently announced its results for the financial year ended 30 June 2021. In this article, we will delve into the group’s latest earnings to check on its recent business performance.
1. Surge in revenue and earnings
In its latest FY2021 ended June, the group saw record earnings of S$118.8 million, a significant increase from S$13.4 million achieved in FY2020. Similarly, revenue surged to S$338.4 million from S$144.2 million.
The significant increase in both revenue and net profit were attributable to the increase in the volume of glove products produced and sold which was contributed by the higher production capacity,...