SINGAPORE – Top Glove of Malaysia, the world’s largest manufacturer of medical gloves, expects “very strong” growth for the company’s leading executive, Lee Kim Meow.
“We are very positive about our future,” Lee told CNBC Street Signs Asia on Friday.
His comments came after Top Glove announced Thursday that his after-tax profit for fiscal 2020 was higher by 417% compared to last year. after the COVID-19 pandemic. “
“2020 if you look, the effect (released) in the middle of this year,” Lee said.
Going forward, he said the company expects further expansion from at least 20% to 30% by next year and at least 15% to 20% by 2022.
Lee said the coronavirus pandemic had had a “pretty profound” effect on glove manufacturers.
“The Covid-19 pandemic has put the gloves and mask first,” he said.
When asked about the demand and imaginable effects of storage, Lee said the products ran out for his suppliers and consumers “even before the container arrived at his warehouse. “
“It’s not a case like they’re buying gloves to store, prepare and stay two or three months of inventory,” Lee said. “In our conversations with many of our customers, we were told that they had no inventory in their warehouse and that they were still desperately looking to get as many gloves in their hands as possible.
Top Glove shares indexed in Singapore and Malaysia have noticed that profits multiplied in 2020, driven through a so-called medical glove record.
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Top Glove also expects a third directory in Hong Kong in the next six or months, according to Reuters. The company’s leading executive told CNBC that a third board would be a “very herbal progression. “
“We need to create a bigger platform where our investors will have more opportunities to invest in Top Glove Group while also being the brand,” Lee said.
“Essentially, we see this as an opportunity to increase the budget to take a look at strategic mergers and acquisitions and even the acquisition of corporations that play a very synergistic role in our overview of moving from being a glove manufacturer to strategic activities,” he said. Said.
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