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Health Technology

Hartalega Holdings Bhd.

  • 6.05 MYR
  • +0.23
  • +3.95%
  • Malaysia
    Apr 24, 2018
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  • Market cap (MYR)
  • Market cap (USD)
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Company Background

Hartalega is the world's largest producer of synthetic rubber gloves, used mainly in the healthcare industry. Besides its own brand, the company is also an original equipment manufacturer that makes high-quality surgical and laboratory gloves.

The company was founded in 1988 by Kuan Kam Hon, who is now executive chairman. He is an entrepreneur who built his fortune as a house builder, and later by dealing in woven labels and badges. Annual production capacity of the company is over 13 billion gloves, which was nearly 30% of Malaysia's exports in 2013. Its products are exported to about 40 countries. Sales in the U.S. make up about half of the company's revenue, followed by Europe and Asia.

Like Top Glove, its rival, which is the leader in natural rubber gloves, Hartalega was able to grow rapidly, especially in the mid-2000s, when hospitals in developed economies such as the U.S. and Europe began to switch from latex to nitrile gloves. Nitrile gloves cause fewer problems with skin allergies. Ownership in Hartalega is controlled by the Kuan family, which was led by second-generation Managing Director Kuan Mun Leong.

Business Summary

Hartalega Holdings Bhd. is an investment holding company, which engages in the manufacture and sale of latex gloves. It operates through the following geographical segments: North America, Asia, Australia, Malaysia, China, India, and South America. The company was founded by Kam Hon Kuan on July 24, 2006 and is headquartered in Kuala Lumpur, Malaysia.

Financial Highlights

Mar 2017 MYRUSD
Gross Profit490.57M116.65M
Operating income386.63M91.94M
Income before tax348.97M82.98M
Net income283.00M67.29M
Diluted EPS0.080.02
Dividends Per Share0.040.01
Total Assets2,334.98M527.62M
Total liabilities650.19M146.92M
Total equity1,682.16M380.10M
Operating cash flow337.11M80.16M
Currency in MYRCurrency in USD

Historical Data

 Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017
Revenue 1,032.03M 1,107.07M 1,145.96M 1,498.33M 1,821.87M
Gross Profit 347.09M 367.83M 341.40M 401.69M 490.57M
Operating income 299.43M 299.04M 276.74M 315.92M 386.63M
Income before tax 304.09M 308.95M 276.88M 316.87M 348.97M
Net income 233.33M 232.81M 209.73M 257.42M 283.00M
EBITDA 331.36M 344.28M 322.62M 386.56M 457.29M
Diluted EPS 0.07 0.07 0.06 0.07 0.08
Dividends Per Share 0.03 0.03 0.03 0.04 0.04
Total Assets 940.22M 1,112.05M 1,481.11M 1,998.52M 2,334.98M
Total liabilities 175.68M 168.49M 210.45M 494.49M 650.19M
Total equity 763.72M 942.25M 1,268.99M 1,501.94M 1,682.16M
Operating cash flow 316.66M 248.54M 206.42M 240.76M 337.11M
 Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017
Revenue 333.62M 345.62M 341.95M 369.99M 433.24M
Gross Profit 112.20M 114.83M 101.87M 99.19M 116.65M
Operating income 96.79M 93.36M 82.58M 78.01M 91.94M
Income before tax 98.30M 96.45M 82.62M 78.24M 82.98M
Net income 75.43M 72.68M 62.58M 63.56M 67.29M
EBITDA 107.11M 107.48M 96.27M 95.45M 108.74M
Diluted EPS 0.02 0.02 0.01 0.01 0.02
Dividends Per Share 0.01 0.01 0.00 0.00 0.01
Total Assets 303.64M 340.54M 399.92M 512.24M 527.62M
Total liabilities 56.73M 51.59M 56.82M 126.74M 146.92M
Total equity 246.64M 288.54M 342.64M 384.96M 380.10M
Operating cash flow 102.36M 77.59M 61.59M 59.45M 80.16M

Valuation Measures

Mar 2017
Operating margin21.22%
Profit margin15.53%

Key executives

  • Managing Director & Executive Director: Mun Leong Kuan
  • Non-Independent Executive Director: Mun Keng Kuan
  • Director-Research & Development, Technical: Eu Jin Kuan
  • General Manager-Sales & Marketing: Ng Kim Lui
  • Manager-Investor Relations: J. M. Huang


  • Hartalega Industries Sdn. Bhd. (48.8%)
  • Employees Provident Fund (6.8%)
  • Great Eastern Life Assurance Co. Ltd. (2.7%)
  • KUAN KAM PENG (2.7%)
  • Budi Tenggara Sdn. Bhd. (2.4%)
  • Public Mutual Bhd. (2.0%)
  • Kumpulan Wang Persaraan (1.8%)
  • SEOW HOON HIN (1.7%)
  • The Vanguard Group, Inc. (1.4%)
  • BlackRock Fund Advisors (0.9%)

Contact Details

  • Website:
  • Address: C-G-9, Jalan Dataran SD1, Dataran SD PJU 9, Kuala Lumpur, 52200, Malaysia
  • Phone: +60.3.6277.1733

Related Companies

  • Hartalega NGC Sdn. Bhd.
  • Hartalega Sdn. Bhd.


  • Top Glove Corporation Bhd.
  • Kossan Rubber Industries Bhd.
  • Supermax Corp. Bhd.
Last Updated on 24 Apr, 2018

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