New production lines are expected to be progressively commissioned by the end of this year
MALAYSIAN glovemaker Riverstone Holdings posted a 54.6 per cent increase in net profit to RM144.7 million (S$42.9 million) for the six months ended Jun 30, 2024, from RM93.6 million a year ago.
Revenue was up 7.4 per cent to RM496.4 million in the same period, from RM462.2 million.
In a bourse filing on Tuesday (Aug 6), the mainboard-listed company attributed the increase to a recovery in demand for both healthcare and cleanroom gloves.
Riverstone chief executive and executive chairman Wong Teek Son said: “The broad-based recovery in the global semiconductor manufacturing sector continues to bode well for us. We have seen a strong order flow for our core cleanroom gloves since the end of 2023.”
He added that Riverstone is well-positioned to meet the growing demand for gloves from both existing and prospective customers. New production lines are expected to be progressively commissioned by the end of this year, and the company is continuing its continuous research and development to optimise product specifications.
Riverstone has declared an interim dividend of RM0.04 per share. It did not declare any for the same period last year.
The interim dividend translates to a payout ratio of 82 per cent based on the company’s H1 net profit.
Shares of Riverstone closed on Tuesday at S$0.895, down S$0.005 or 0.6 per cent, before the results were announced.
