Hartalega Records 3Q Net Profit Of RM19.51 Mln

KUALA LUMPUR, Feb 18 (Bernama) -- Hartalega Holdings Bhd has recorded a lower net profit of RM19.51 million for the third quarter ended Dec 31, 2024, compared with a net profit of RM22.38 million posted in the same period a year ago.

However, revenue rose 78 per cent to RM738.19 million from RM415.64 million previously, the group said in a filing with Bursa Malaysia today.

"The notable revenue growth was primarily driven by a significant increase in sales volume of 73 per cent," it said. 

Hartalega said the rubber glove industry entered 2025 with renewed optimism on the demand recovery, gradually transitioning from the post-pandemic downturn which was marked by global oversupply from excessive accumulation of pandemic-era inventories.

"An improving demand trend can be seen with the commencement of restocking activities across key consumption markets. 

"The higher United States (US) tariffs on rubber medical glove imports from China, which came into effect in January 2025, is likely to provide further impetus for Malaysian manufacturers to regain a footing in the US, the world’s single largest consumer market," it said. 

However, it said the sector would have to contend with ongoing headwinds, including persistent global oversupply as market adjustment continues. 

-- BERNAMA