Shares & Derivatives
10 things I learned from the 2024 Hartalega AGM
By The Fifth Person  •  September 13, 2024
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.
  1. 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.
Despite rising operating costs amid the inflationary environment, the company recorded a net profit of RM12.5 million in FY2024 compared to a net loss of RM235.1 million in FY2023. It was affected by a one-off impairment amounting to RM347 million in FY2o23 as it decommissioned its Bestari Jaya facility....
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By The Fifth Person
The Fifth Person believes in spreading a message that financial literacy and sound investment knowledge can help people around the world achieve financial independence and lead better lives for themselves and their loved ones.
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