UG Healthcare reports record 1H21 earnings of $54.9 mil, surpassing FY20 earnings

Malaysian glove maker UG Healthcare has reported earnings of $54.9 million for the 1HFY2021 ended December, surpassing earnings of $13.4 million for the FY2020 ended June, and about 64.9 times more than earnings of $846,000 for 1HFY2020.

Earnings per share (EPS) for the half-year period stood at 9.05 cents on a fully diluted basis, compared to EPS of 0.14 cents for the corresponding period a year ago.

Revenue for the 1HFY2021 tripled y-o-y to $159.4 million, and stood higher than FY2020’s revenue of $144.2 million. This is mainly attributable to the higher volume produced and sold on the back of better efficiency and increased production capacity. The higher revenue was also due to the higher average selling prices (ASPs) of both nitrile and natural latex gloves in the key markets.