Meanwhile, revenue for the quarter decreased to RM493.46 million from RM632.53 million previously.

The gloves manufacturer attributed its improved results to its ongoing operational, quality, and cost optimisation efforts, which helped to mitigate the increase in raw material prices.

“Additionally, the uptick in sales volume, which led to increased utilisation and efficiencies, also had a positive effect on the bottom line,” it said in a Bursa Malaysia filing.

Looking ahead, Top Glove is maintaining a positive mid to long-term outlook on the glove industry, as gloves are an essential, single-use item in the healthcare, industrial, and food and beverages sectors with no viable replacement.

“The group is also optimistic that global glove demand growth of approximately 8% will resume in time to come, along with glove consumption; driven by customers’ replenishment of depleting glove stockpiles, robust industry fundamentals, as well as increased health and hygiene awareness post-pandemic.

“As Top Glove progresses on the road to recovery, the group continues to focus on environmental, social and governance,” it said.

The group added that it is also working closely with stakeholders to ensure it meets new obligations under the European Union Deforestation Regulation (EUDR), which will start to apply on Dec 30, 2024.

As at 3.30pm, Top Glove’s share price was down by 25 sen or 2.66% at 92 sen, giving it a market capitalisation of RM7.51 billion.