SGX-listed glovemaker’s net profit declines 93% YoY in FY 22

The total net profit was at $64.9m (THB1.652b).

Sri Trang Gloves posted a net profit of $64.9m (THB1.652b) in the fiscal year 2022, declining 93% year-on-year (YoY).

In a financial statement, the glove manufacturer said its net profit margin was also at 7.1%.

In the previous fiscal year, Sri Trang Gloves posted $891.3m (THB23b revenue), down 51% YoY.

It attributed its decline from average selling price that kept increasing as demand normalised after the pandemic.

Sales volume grew 5.6% yearly to 28,809 million pieces amidst intense competition.

Moving forward, Sri Trang said they will create new products to resolve towering demand. Its CWCG (Clean World, Clean Glove) products, or gloves with no detectable protein allergen, gained certification from labs in various countries and positive feedback from customers. 

“Also in our plan are specialty gloves, e.g. surgical gloves and diamond textured gloves that are used in the industrial sector, that will respond to specific demand in various markets,” the glove maker said.

$1 = THB25.80