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.
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 Gloves (SGX:STG
) manufactures 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.
