Established in 1991, Top Glove Corporation manufactures and exports gloves to more than 195 countries worldwide. It is the world’s largest glove manufacturer that owns 26% of the world’s glove market share. Its factories are located across Malaysia, Thailand, Vietnam, and China. Besides gloves, the company produces healthcare and household products such as face masks, bacterial handwash, condoms, and dishwashing liquid.
Top Glove has performed incredibly well in the past two years, owing to ballooning glove demand and prices during the pandemic. As the demand softens, the company’s share price followed suit. Here are 10 things I learned from the 2022 Top Glove AGM.
1. Revenue rose 126.1% year-on-year to an all-time high at RM16.4 billion in 2021 because of robust glove demand and higher average selling prices of gloves amid COVID-19. Likewise, net profit soared more than fourfold to RM7.7 billion over the same period. In fact, the net profit recorded in 2021...