“For the gloves division, demand continues to exceed supply and the group expects this to remain for financial year 2021 (FY21), ” Kossan said in a filing with Bursa Malaysia KUALA LUMPUR: Kossan Rubber Industries made RM542mil in net profit in the fourth quarter ended Dec 31,2020, on strong glove demand, lifting its full year earnings to RM1.09bil. The company expects to deliver stronger results this year. Kossan posted full year revenue of RM3.65bil. “For the gloves division, demand continues to exceed supply and the group expects this to remain for financial year 2021 (FY21), ” Kossan said in a filing with Bursa Malaysia. “Post-pandemic, the demand for gloves will continue to undergo secular growth as a result of increased healthcare standards and hygiene awareness in the medical and non-medical sectors. “With our new incoming capacity and efficiency improvements, the group expects the gloves division to deliver an even stronger performance in FY21, ” it said. In January, the Malaysian Rubber Glove Manufacturers Association (Margma) estimated that Malaysia’s glove export revenue would hit RM29.8bil in 2020 compared with RM17.4bil in 2019. Global demand was estimated at 360 billion gloves in 2020 compared with 270 billion in 2019. Margma projected an annual demand growth of between 15% and 20% in 2021, with Malaysia’s glove export revenue expected to reach RM34bil and global glove demand estimated at 420 billion pieces. Kossan declared a second interim dividend of 3 sen per share and a special dividend of 8 sen per share for the financial year ended Dec 31,2020.
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