Glove maker Riverstone Holdings has reported earnings of RM1.42 billion for FY2021 ended Dec 2021, up 119.1%. Revenue in the same period was up 68.5% to RM3.08 billion, as the pandemic drove demand for gloves.
The company plans to pay a final dividend of 28 sen per share, a special dividend of 10 sen per share, bringing total FY2021 payout to 48 sen.
“While the demand for health care gloves during the pandemic has driven ASPs and volumes for glove manufacturers, we are still very much focused on our cleanroom segment,” says executive chairman and CEO Wong Teek Son.
“This segment has proven its resiliency and has grown steadily over the years. Our customers in this space rely on the specific properties and elements that our gloves are known for,” he adds.
The company’s planned expansion of its production capacity to 1.5 billion gloves by end of 2021 has been delayed because of the pandemic to end of 2022. It plans to increase its capacity by another 1.5 billion pieces by end of FY2023.
Riverstone shares closed Feb 22 at 74 cents, down 3.29% for the day but up 5% year to date.
