Revenue for FY2023 came in at THB19.67 billion, decreasing 15.6% y-o-y, while its cost of sales were THB17.52 billion.
Sri Trang Gloves’ gross profit totaled THB2.15 billion, down 49.5% y-o-y, with a gross profit margin of 10.9%, which decreased 7.3 percentage points from FY2022.
Sales volume in FY2023 totaled 31,384 million pieces, growing 8.9% y-o-y across all products, with latex powdered gloves (NRPD) gloves growing at 7.8%, latex powder-free gloves (NRPF) at 10.6% and nitrile gloves (NBR) at 8.6%.
The growth in sales volume was driven by a diversified customer base and strong presence in Asia, Africa and South America, where there is strong consumption growth and a preference for latex gloves, of which the company says it has competitive advantages in production efficiency, costs and quality.
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Sri Trang Gloves maintained its utilisation rate in FY2023 at 64.2%, compared with 64.8% in FY2022.
As at Dec 31, 2023, total assets stood at THB46.58 billion, decreasing 4.0% from the year before.
Sri Trang Gloves says it remains committed to maintaining its position as a leading producer and distributor of natural rubber gloves, capitalising on its competitive advantage over competitors in access to quality NR latex at lower costs.
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It also aims to grow its market share from over 170 countries currently to over 190 countries within the next 2 years.
The Thailand-based company is a subsidiary of Sri Trang Agro-Industry, which is also dual-listed in Thailand and Singapore. Sri Trang Glovesmanufactures natural rubber gloves, powder-free natural rubber gloves and nitrile gloves.
Shares in Sri Trang Gloves closed unchanged at 24.5 cents on Feb 16.
