- Revenue dropped 23.7% year-on-year to RM1.8 billion in FY2024 because of lower sales volume and average selling prices of gloves. As a result, operating margins were still compressed.
Founded in 1988, Hartalega is primarily an original equipment manufacturer (OEM) of gloves, exporting its products to distributors, importers, and brand owners in over 70 countries. In FY2024, North America and Europe accounted for 48% and 22% of Hartalega’s sales, respectively.
After reaching unprecedented financial and share price peaks during the pandemic, glove companies like Hartalega have been facing challenges due to a prolonged oversupply in the glove market. When will the situation normalize? Here are 10 key takeaways from the 2024 Hartalega AGM.