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Health Technology

Top Glove Corp. Bhd.

Company Background

Top Glove is the world's largest natural rubber glove maker, exporting to over 195 countries. The Malaysia-based company produces latex and nitrile gloves for health care providers and manufacturers, as well as households.

Chairman Lim Wee Chai, who had been a salesman, and his wife founded the company in 1991, when rubber prices were low and the glove industry was booming. In the mid-1990s, rubber prices rose and the industry went through consolidation; a number of rivals were squeezed out of business.

Top Glove, which started out with three production lines, now has about 500. The company turns out 48 billion gloves a year, accounting for about a quarter of the global market. The group rings up more than half of its sales in Europe and North America, but Top Glove believes demand for gloves in other regions, especially Asia, will continue to increase as populations grow.

Lim is considered a hands-on manager and adheres to a philosophy of efficiently investing $1 for every $2 earned. To save on energy costs, he keeps the air conditioning in his office set at a relatively toasty 25 C.

Business Summary

Top Glove Corp. Bhd. is an investment holding company, which engages in the manufacture and trading of rubber gloves. It offers latex, nitrile, vinyl, surgical, household, cleanroom, cast polyethylene, industrial high risk, and thermoplastic elastomer gloves. It operates through the following geographical segments: Malaysia, Thailand, The People's Republic of China, British Virgin Islands, and Others. The company was founded by Wee Chai Lim and Siew Bee Tong on July 9, 1991 and is headquartered in Shah Alam, Malaysia.

Financial Highlights

Aug 2021 MYRUSD
Gross Profit11,102.10M2,692.25M
Operating income9,948.63M2,412.53M
Income before tax10,031.16M2,432.55M
Net income7,710.32M1,869.74M
Diluted EPS0.950.23
Dividends Per Share0.650.15
Total Assets9,782.42M2,353.24M
Total liabilities3,857.52M927.95M
Total equity5,872.40M1,412.65M
Operating cash flow7,837.15M1,900.50M
Currency in MYRCurrency in USD

Historical Data

 Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021
Revenue 3,409.17M 4,220.74M 4,801.13M 7,237.42M 16,361.44M
Gross Profit 605.31M 842.36M 883.99M 2,850.41M 11,102.10M
Operating income 351.99M 534.67M 481.80M 2,247.58M 9,948.63M
Income before tax 385.04M 522.80M 423.58M 2,166.97M 10,031.16M
Net income 330.66M 428.83M 364.67M 1,752.58M 7,710.32M
EBITDA 458.03M 679.81M 674.30M 2,492.98M 10,257.30M
Diluted EPS 0.04 0.05 0.04 0.22 0.95
Dividends Per Share 0.02 0.02 0.02 0.11 0.65
Total Assets 2,990.17M 5,297.35M 5,688.20M 8,705.96M 9,782.42M
Total liabilities 925.74M 2,898.95M 3,134.06M 3,810.34M 3,857.52M
Total equity 2,055.23M 2,383.04M 2,536.95M 4,870.75M 5,872.40M
Operating cash flow 399.10M 353.45M 536.80M 3,453.86M 7,837.15M
 Aug 2017Aug 2018Aug 2019Aug 2020Aug 2021
Revenue 787.27M 1,045.08M 1,159.40M 1,715.07M 3,967.63M
Gross Profit 139.78M 208.57M 213.47M 675.47M 2,692.25M
Operating income 81.28M 132.38M 116.34M 532.61M 2,412.53M
Income before tax 88.91M 129.44M 102.28M 513.51M 2,432.55M
Net income 76.35M 106.18M 88.06M 415.31M 1,869.74M
EBITDA 105.77M 168.32M 162.83M 590.77M 2,487.38M
Diluted EPS 0.01 0.01 0.01 0.05 0.23
Dividends Per Share 0.00 0.00 0.00 0.02 0.15
Total Assets 700.19M 1,289.04M 1,352.56M 2,090.01M 2,353.24M
Total liabilities 216.77M 705.42M 745.22M 914.73M 927.95M
Total equity 481.26M 579.88M 603.24M 1,169.30M 1,412.65M
Operating cash flow 92.16M 87.51M 129.62M 818.47M 1,900.50M

Valuation Measures

Aug 2021
Operating margin60.80%
Profit margin47.12%

Key executives

  • Chief Executive Officer, Executive Director & MD: Kim Meow Lee
  • Senior General Manager-Finance: Say Keong Liew
  • General Manager-Information Technology: Kian Guan Tan
  • Senior General Manager-Marketing: Noraziah Mahmud
  • COO-Joint Manufacturing Council: Chong Ban Wong


  • LIM WEE CHAI (26.8%)
  • Firstway United Corp. (6.7%)
  • Employees Provident Fund (4.7%)
  • Bank of Singapore Ltd. (3.5%)
  • Top Glove Corp. Bhd. (2.4%)
  • Kumpulan Wang Persaraan (2.2%)
  • The Vanguard Group, Inc. (2.0%)
  • UBS AG (Private Banking Singapore) (2.0%)
  • MFP Capital Corp. (1.6%)
  • AIA Bhd. (1.5%)

Contact Details

  • Website:
  • Address: Level 21, Top Glove Tower, 16, Persiaran Setia Dagang, Setia Alam, Shah Alam, 40170, Malaysia
  • Phone: +60.3.3362.3098

Related Companies

  • Great Glove (Malaysia) Sdn. Bhd.
  • TG Healthcare Sdn. Bhd.
  • A1 Glove Sdn. Bhd.
  • Top Glove Labuan Ltd.
  • Top Glove Global Sdn. Bhd.
  • Top Feel Sdn. Bhd.
  • Eastern Press Sdn. Bhd.
  • Medi Flex Pte Ltd.
  • Top Glove Chemicals Sdn. Bhd.
  • Great Glove (Xing Hua) Co. Ltd.
  • GMP Medicare Sdn. Bhd.
  • Top Care Sdn. Bhd.
  • Top Quality Glove Sdn. Bhd.
  • TG Medical (USA), Inc.
  • Top Glove Engineering Sdn. Bhd.
  • Great Gloves Sdn. Bhd.
  • TG Medical Sdn. Bhd.
  • Top Glove Sdn. Bhd.


  • Mercator Medical SA
  • Sri Trang Gloves (Thailand) Public Co. Ltd.
  • Zhonghong Pulin Medical Products Co., Ltd. Class A
  • Sri Trang Agro-Industry Public Co. Ltd.
Last Updated on 1 Jul, 2022

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