ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Producer Manufacturing

Hartalega Holdings Bhd.

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. operates as an investment holding company. The firm engages in the manufacture and sale of latex gloves. It operates in North America, Europe, Asia, Australia, Malaysia, South America, Middle East and Russia. The company was founded by Kam Hon Kuan on July 24, 2006 and is headquartered in Kuala Lumpur, Malaysia.

Financial Highlights

Mar 2022 MYRUSD
Gross Profit4,795.14M1,148.30M
Operating income4,630.72M1,108.92M
Income before tax4,636.88M1,110.40M
Net income3,234.45M774.56M
Diluted EPS0.940.22
Dividends Per Share0.570.13
Total Assets6,375.83M1,516.34M
Total liabilities1,230.96M292.75M
Total equity5,121.30M1,217.98M
Operating cash flow3,747.92M897.52M
Currency in MYRCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 2,405.63M 2,827.21M 2,924.31M 6,703.48M 7,888.28M
Gross Profit 614.76M 708.20M 741.53M 4,097.99M 4,795.14M
Operating income 458.94M 573.99M 593.12M 3,771.41M 4,630.72M
Income before tax 526.42M 550.82M 555.43M 3,813.38M 4,636.88M
Net income 438.91M 455.17M 433.61M 2,885.51M 3,234.45M
EBITDA 547.36M 677.97M 718.44M 3,909.23M 4,782.58M
Diluted EPS 0.13 0.13 0.12 0.84 0.94
Dividends Per Share 0.07 0.08 0.07 0.50 0.57
Total Assets 2,687.19M 3,052.64M 3,351.35M 6,901.87M 6,375.83M
Total liabilities 689.79M 793.41M 808.23M 1,902.76M 1,230.96M
Total equity 1,994.22M 2,256.42M 2,539.79M 4,974.90M 5,121.30M
Operating cash flow 399.10M 620.39M 650.80M 3,096.60M 3,747.92M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 576.81M 693.53M 702.19M 1,605.75M 1,889.02M
Gross Profit 147.40M 173.72M 178.05M 981.63M 1,148.30M
Operating income 110.04M 140.80M 142.42M 903.40M 1,108.92M
Income before tax 126.22M 135.12M 133.37M 913.45M 1,110.40M
Net income 105.24M 111.65M 104.12M 691.19M 774.56M
EBITDA 131.24M 166.31M 172.51M 936.41M 1,145.29M
Diluted EPS 0.03 0.03 0.03 0.20 0.22
Dividends Per Share 0.01 0.02 0.01 0.12 0.13
Total Assets 694.72M 747.73M 775.77M 1,664.50M 1,516.34M
Total liabilities 178.33M 194.34M 187.09M 458.88M 292.75M
Total equity 515.56M 552.70M 587.91M 1,199.78M 1,217.98M
Operating cash flow 95.69M 152.18M 156.27M 741.76M 897.52M

Valuation Measures

Mar 2022
Operating margin58.70%
Profit margin41.00%

Key executives

  • Chief Executive Officer & Executive Director: Mun Leong Kuan
  • Chief Operating Officer: Eu Jin Kuan
  • Chief Financial Officer: Kean Wooi Loh
  • General Manager-Information Technology: Wah Choon Leang
  • Deputy General Manager-Research & Development: Mei Ling Cheah


  • Hartalega Industries Sdn. Bhd. (34.2%)
  • Budi Tenggara Sdn. Bhd. (8.6%)
  • Employees Provident Fund (4.9%)
  • KUAN KAM HON (2.9%)
  • KUAN KAM PENG (2.7%)
  • Kumpulan Wang Persaraan (1.8%)
  • The Vanguard Group, Inc. (1.5%)
  • WONG KIN SENG (1.4%)
  • Public Mutual Bhd. (1.2%)
  • BlackRock Fund Advisors (1.1%)

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 NSM Sdn. Bhd.
  • Hartalega Research Sdn. Bhd.
  • Hartalega NGC Sdn. Bhd.
  • MUN Global Sdn. Bhd.
  • Hartalega Sdn. Bhd.


  • Sri Trang Gloves (Thailand) Public Co. Ltd.
  • Zhonghong Pulin Medical Products Co., Ltd. Class A
  • Mercator Medical SA
  • Sri Trang Agro-Industry Public Co. Ltd.
Last Updated on 4 Oct, 2022

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more