Net profit for the three months ended May 31 totaled 347.90 million ringgit (about 81.80 million US dollars) compared with 74.67 million ringgit over the same quarter last year, Top Glove said in a statement.
Quarterly revenue rose 42 percent year-on-year to 1.69 billion ringgit from 1.19 billion ringgit, with sales volume growing 25 percent year-on-year, while impact for higher average selling prices kicked in.
Monthly sales order jumped 180 percent, stretching lead times to about 400 days from 40 days.
"With a year's worth of orders in the pipeline, Top Glove is confident of delivering solid results not only for the fiscal year 2020, but for fiscal year 2021 as well," Top Glove said.
Following aggressive expansion in its nitrile glove capacity, the company said it also secured its position as the world's largest manufacturer of nitrile gloves, in addition to being the world's largest manufacturer of natural rubber gloves and surgical gloves.
The company also said it had allocated 3 billion ringgit for capital expenditure to build 450 new lines that will raise capacity by 60 billion pieces by 2026.
"Gloves are an essential item in winning this war on COVID-19. It is a tremendous privilege to be in a position to help protect people in Malaysia and throughout the world from this dangerous virus, and we will continue to work safely and efficiently to produce as many gloves as possible at this critical time," said Lim Wee Chai, executive chairman of Top Glove.
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