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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 provision of management services. 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, and Others. The company was founded by Wee Chai Lim and Siew Bee Tong in 1991 and is headquartered in Shah Alam, Malaysia.

Financial Highlights

Aug 2022 MYRUSD
Gross Profit953.37M223.14M
Operating income341.39M79.90M
Income before tax362.13M84.75M
Net income225.56M52.79M
Diluted EPS0.020.00
Dividends Per Share0.010.00
Total Assets8,116.71M1,813.58M
Total liabilities2,499.16M558.41M
Total equity5,579.22M1,246.61M
Operating cash flow152.95M35.80M
Currency in MYRCurrency in USD

Historical Data

 Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022
Revenue 4,220.74M 4,801.13M 7,237.42M 16,361.44M 5,572.34M
Gross Profit 842.36M 883.99M 2,850.41M 11,102.10M 953.37M
Operating income 534.67M 481.80M 2,247.58M 9,948.63M 341.39M
Income before tax 522.80M 423.58M 2,166.97M 10,031.16M 362.13M
Net income 428.83M 364.67M 1,752.58M 7,710.32M 225.56M
EBITDA 679.81M 674.30M 2,492.98M 10,257.30M 689.55M
Diluted EPS 0.05 0.04 0.22 0.95 0.02
Dividends Per Share 0.02 0.02 0.11 0.65 0.01
Total Assets 5,297.35M 5,688.20M 8,705.96M 9,782.42M 8,116.71M
Total liabilities 2,898.95M 3,134.06M 3,810.34M 3,857.52M 2,499.16M
Total equity 2,383.04M 2,536.95M 4,870.75M 5,872.40M 5,579.22M
Operating cash flow 353.45M 536.80M 3,453.86M 7,837.15M 152.95M
 Aug 2018Aug 2019Aug 2020Aug 2021Aug 2022
Revenue 1,045.08M 1,159.40M 1,715.07M 3,967.63M 1,304.23M
Gross Profit 208.57M 213.47M 675.47M 2,692.25M 223.14M
Operating income 132.38M 116.34M 532.61M 2,412.53M 79.90M
Income before tax 129.44M 102.28M 513.51M 2,432.55M 84.75M
Net income 106.18M 88.06M 415.31M 1,869.74M 52.79M
EBITDA 168.32M 162.83M 590.77M 2,487.38M 161.39M
Diluted EPS 0.01 0.01 0.05 0.23 0.00
Dividends Per Share 0.00 0.00 0.02 0.15 0.00
Total Assets 1,289.04M 1,352.56M 2,090.01M 2,353.24M 1,813.58M
Total liabilities 705.42M 745.22M 914.73M 927.95M 558.41M
Total equity 579.88M 603.24M 1,169.30M 1,412.65M 1,246.61M
Operating cash flow 87.51M 129.62M 818.47M 1,900.50M 35.80M

Valuation Measures

Aug 2022
Operating margin6.12%
Profit margin4.04%

Key executives

  • Managing Director & Executive Director: Cheong Guan Lim
  • Senior General Manager-Finance: Say Keong Liew
  • General Manager-Information Technology: Kian Guan Tan
  • General Manager-Research & Development: Keuw Wei Lim
  • Senior General Manager-Compliance: Guan Heng Ong


  • LIM WEE CHAI (27.1%)
  • Firstway United Corp. (6.7%)
  • Bank of Singapore Ltd. (2.7%)
  • Top Glove Corp. Bhd. (2.4%)
  • The Vanguard Group, Inc. (2.0%)
  • Kumpulan Wang Persaraan (1.2%)
  • LIM HOOI SIN (1.2%)
  • BlackRock Fund Advisors (1.1%)
  • Dimensional Fund Advisors LP (0.8%)
  • Employees Provident Fund (0.4%)

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 Agro-Industry Public Co. Ltd.
  • Sri Trang Gloves (Thailand) Public Co. Ltd.
  • Zhonghong Pulin Medical Products Co., Ltd. Class A
Last Updated on 29 Mar, 2023

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