Malaysian glove maker Top Glove will a lot RM200 million to build more factories and acquire a few companies.
The company set a record-breaking profit last year. Shares were also up from RM4.60 last year to a record high of RM13.88 this year.
Executive director Lim Cheong Guan said the growth for this year would be supported from capacity expansion and higher utilisation rate of its natural rubber glove factories.
“Currently, our natural rubber gloves factories utilisation rate is about 75% and we are expecting to boost current annual capacity of 44.6 billion pieces to 52 billion pieces by February 2017,” he told The Star Malaysia.
Top Glove chairman Tan Sri Lim Wee Chai predicts that their sales will grow by 15% this year despite the growing supply of nitrile gloves in the market.
“We are continuously working on increasing our efficiency and strengthening our marketing effort to sustain and drive our market share,” he said at the briefing.
“We are also eyeing to expand to country like Iran and sales would still be from Asia and Middle East regions,” he said to The Star.
Lim also said that the company is planning to acquire at least one company by August this year.