Glovemaker Riverstone Holdings has reported earnings of RM522.7 million for the three months ended March 2021, up 1,021.7% y-o-y. Revenue in the same period was RM1,032.3 million up 269.5% y-o-y, as demand for protective equipment remains strong.
The company’s production capacity, following a recent expansion, has increased by 1.5 billion pieces per year to 10.5 billion pieces.
Its order book remains full till end of the year.
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The company is adding the capacity the make another 1.5 billion pieces per year by end of 2021, and additional capacity to make 15 billion pieces per year by end of 2023.
“The new capacity coming online will not only help us satisfy the growing orders from both new and existing customers, but allow us to strengthen our position in the high-end cleanroom glove market,” says executive chairman and CEO Wong Teek Son.
“As a clear market leader in the high-end cleanroom glove space, we remain positive that our diversified income stream from both the healthcare and cleanroom segment will ensure earnings resiliency and sustainable growth for Riverstone over the long-term,” he adds.
Riverstone shares closed on May 10 at $1.31, down 1.5%.
