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Health Technology

Hartalega Holdings Bhd.

  • 6.81 MYR
  • +0.03
  • +0.44%
  • Malaysia
    Aug 16, 2018
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  • Market cap (MYR)
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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 company, which engages in the manufacture and sale of latex gloves. It operates through the following geographical segments: 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 2018 MYRUSD
Gross Profit614.76M147.40M
Operating income458.94M110.04M
Income before tax526.42M126.22M
Net income438.91M105.24M
Diluted EPS0.130.03
Dividends Per Share0.070.01
Total Assets2,687.19M694.72M
Total liabilities689.79M178.33M
Total equity1,994.22M515.56M
Operating cash flow399.10M95.69M
Currency in MYRCurrency in USD

Historical Data

 Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018
Revenue 1,107.07M 1,145.96M 1,498.33M 1,821.87M 2,405.63M
Gross Profit 367.83M 341.40M 401.69M 490.57M 614.76M
Operating income 299.04M 276.74M 315.92M 386.63M 458.94M
Income before tax 308.95M 276.88M 316.87M 348.97M 526.42M
Net income 232.81M 209.73M 257.42M 283.00M 438.91M
EBITDA 344.28M 322.62M 386.56M 457.29M 547.36M
Diluted EPS 0.07 0.06 0.07 0.08 0.13
Dividends Per Share 0.03 0.03 0.04 0.04 0.07
Total Assets 1,112.05M 1,481.11M 1,998.52M 2,334.98M 2,687.19M
Total liabilities 168.49M 210.45M 494.49M 650.19M 689.79M
Total equity 942.25M 1,268.99M 1,501.94M 1,682.16M 1,994.22M
Operating cash flow 248.54M 206.42M 240.76M 337.11M 399.10M
 Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018
Revenue 345.62M 341.95M 369.99M 433.24M 576.81M
Gross Profit 114.83M 101.87M 99.19M 116.65M 147.40M
Operating income 93.36M 82.58M 78.01M 91.94M 110.04M
Income before tax 96.45M 82.62M 78.24M 82.98M 126.22M
Net income 72.68M 62.58M 63.56M 67.29M 105.24M
EBITDA 107.48M 96.27M 95.45M 108.74M 131.24M
Diluted EPS 0.02 0.01 0.01 0.02 0.03
Dividends Per Share 0.01 0.00 0.00 0.01 0.01
Total Assets 340.54M 399.92M 512.24M 527.62M 694.72M
Total liabilities 51.59M 56.82M 126.74M 146.92M 178.33M
Total equity 288.54M 342.64M 384.96M 380.10M 515.56M
Operating cash flow 77.59M 61.59M 59.45M 80.16M 95.69M

Valuation Measures

Mar 2018
Operating margin19.07%
Profit margin18.24%

Key executives

  • Managing Director & Executive Director: Mun Leong Kuan
  • General Manager-Finance: Teck Heng Tan
  • Director-Research & Development, Technical: Eu Jin Kuan
  • General Manager-Sales & Marketing: Ng Kim Lui
  • Investor Relations Contact: Jayden Liew


  • Hartalega Industries Sdn. Bhd. (48.8%)
  • Employees Provident Fund (7.2%)
  • Great Eastern Life Assurance Co. Ltd. (2.7%)
  • KUAN KAM PENG (2.7%)
  • Public Mutual Bhd. (2.0%)
  • Kumpulan Wang Persaraan (1.8%)
  • Budi Tenggara Sdn. Bhd. (1.7%)
  • SEOW HOON HIN (1.7%)
  • The Vanguard Group, Inc. (1.5%)
  • Norges Bank Investment Management (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.
  • Sri Trang Agro-Industry Public Co. Ltd.
Last Updated on 16 Aug, 2018

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