STGT’s 1Q21 Earnings Skyrocket 21 Folds on Higher ASP, Handing Out Bt1.50 Interim Div

Sri Trang Gloves (Thailand) Public Company Limited (STGT) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

STGT recorded a net profit of 10,051 million baht, increased 21 folds from a net profit of 451 million baht in 1Q20.

 

Sales revenue in 1Q21 was 15,433.7 million baht, grew 308.8% YoY, driven by the average selling price (ASP) that continued to increase to 2,298 baht ($US76.4) per 1,000 pieces or 283.7% YoY on the back of a robust global demand amid the vaccine rollout in many countries.

 

However, the global container shortage and shipping congestion that continued from late 2020 and was exacerbated by the blockade of the Suez Canal meant that some orders from Europe and the U.S. could not be shipped out and this led STGT’s sales volume to only grow slightly by 6.9% YoY.

 

In 1Q21, STGT recorded 11,420.5 million baht in gross profit, representing an increase by 1,462.4% YoY on the back of higher ASO across all products. Gross profit margin increased to 74% from 19.4% in 1Q21 and 71.6% in 4Q20.

 

In addition, STGT announced an interim dividend payment of Bt1.50 per share to be paid on June 10, 2021. The ex-dividend date is May 25, 2021.