Employees work on the Prime Glove manufacturing facility analysis and growth lab in Shah Alam on the outskirts of Kuala Lumpur on August 26, 2020.M
Employees work on the Prime Glove manufacturing facility analysis and growth lab in Shah Alam on the outskirts of Kuala Lumpur on August 26, 2020.
MOHD RASFAN | AFP through Getty Pictures
SINGAPORE — Malaysia’s Prime Glove, the world’s largest medical glove maker, sees “very robust” progress forward, in accordance with the corporate’s managing director, Lee Kim Meow.
“We’re very optimistic of our future,” Lee informed CNBC’s “Road Indicators Asia” on Friday.
His feedback got here after Prime Glove on Thursday reported that its fiscal 2020 post-tax revenue spiked 417% from final yr. The corporate mentioned the “great progress stemmed from a world surge in demand for gloves on the again of the COVID-19 pandemic.”
“2020 if you happen to have a look at it, the impact solely (kicked) in across the center of this yr,” mentioned Lee.
Trying forward, he mentioned the corporate expects at the least 20% to 30% extra progress for subsequent yr and at the least 15% to 20% for 2022.
The Covid-19 pandemic has pushed gloves and face masks to the forefront.
Lee Kim Meow
Managing Director, Prime Glove
Lee mentioned the coronavirus pandemic has had a “quite profound” influence on glove producers.
“The Covid-19 pandemic has pushed gloves and face masks to the forefront,” he mentioned.
When requested about demand and attainable results of stockpiling, Lee mentioned items are bought out for his or her distributors and prospects “even earlier than the container has arrived of their warehouse.”
“It is not a case like they’re shopping for the gloves to stockpile, to prepare, and to maintain two or three months inventory,” Lee mentioned. “In our conversations with a lot of our prospects, they’ve informed us that they haven’t any inventory in any respect at their warehouse they usually’re nonetheless making an attempt very desperately to get their arms on as many gloves as attainable.”
Hong Kong itemizing?
Shares of Prime Glove listed in Singapore and Malaysia have seen multi-fold good points to date in 2020, boosted by the report demand for medical gloves.
Prime Glove can be planning a 3rd itemizing in Hong Kong inside six to 9 months, in accordance with Reuters. The corporate’s managing director informed CNBC a 3rd itemizing can be a “very pure development.”
“We wish to create a much bigger platform whereby our traders may have extra alternatives to spend money on the Prime Glove group and on the identical time additionally it has to do with company picture,” Lee mentioned.
“Basically, we have a look at it as the chance to lift funds to take a look at the strategic M&As and even the acquisition of corporations that play a really synergistic half in our larger image to develop from a glove producer and to maneuver into different strategic enterprise,” he mentioned.