Glovemaker Riverstone Holdings has reported earnings of RM1.04 billion for 1HFY2021, up 656.8% y-o-y.
Revenue in the same period was up 222.2% y-o-y to RM2 billion, with demand for gloves shooting up amid the pandemic.
The company plans to reward shareholders with an interim dividend of 10 sen, versus four sen paid this time last year.
Wong Teek Son, the company’s executive chairman and CEO, is already gearing his company up for the longer-term beyond the pandemic.
For example, he wants to develop products for “untapped” markets such as the food processing, pharmaceutical and surgical glove segments.
At the same time, Riverstone is setting itself apart from other glove makers by focusing on high-end cleanroom gloves.
The company is in the midst of boosting its production capacity. In January this year, it bought a piece of land that can operate additional facilities.
According to Wong, once the company’s “phase seven” is completed, Riverstone will be targeting a total production capacity of 15 billion pieces per year by FY2023.
Riverstone shares closed Aug 5 at $1.21, unchanged for the day and up 3.42% year to date.
