Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) has announced its 2021 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Yearly | 2021 | 2020 |
| Net Profit (Loss) Million Baht |
23,704.16 | 14,400.87 |
| Earning Per Share (Baht) | 8.29 | 5.94 |
| % Change | 64.60 | |
STGT reported a net profit of THB 23,704 million in 2021, increased 64.60% from a net profit of THB 14,400 million in 2020. The net profit reported in 2021 was STGT’s record high over 32 years of operation.
In FY21, the increase in ASP, driven by robust global demand from across various sectors, led us to record an all-time-high revenue of 47,550.8 million, growing 55.6% YoY and THB 23,704.2 million in net profit, increasing 64.4% YoY, or THB 8.28 per share and a net profit margin of 49.9%.
Sales revenue in FY21 was THB 47,550.8 million, growing 55.6% YoY, driven by the ASP that rose to THB 1,739.2 (USD 54.68) per 1,000 pieces, increasing 56.5% YoY on the back of robust global demand for gloves as a personal protective equipment (PPE) from the medical as well as other sectors like food, restaurant, hospitality and aviation, for example. Sales volume, however, decreased 2.6% YoY to 27,275 million pieces as a result of the COVID-19 outbreak at its production facilities in 2Q21 as well as the global container shortage and shipping congestion that persisted throughout the year, which means that a portion of finished products could not be delivered to customers. As a result, the utilization rate decreased from 95% in FY20 to 87% in FY21.
By product, revenue from NBR gloves accounted for 41.6% of total sales revenue. Revenue from NR powdered gloves (NRPD) accounted for 33.9% of total sales revenue, while revenue from NR powder-free gloves (NRPF) made up 24.6% of total sales revenue. STGT’s one-of-a-kind production lines that can switch between producing NRPF and NBR gloves afford us the flexibility to adjust the product mix, which is distinct from and makes us stand out from other glove producers.
In FY21, STGT recorded THB 28,259.0 in gross profit, increasing 67.3% YoY on the back of an increase in ASP across all product types. Gross profit margin increased from 55.3% in FY20 to 59.4% in FY21, a new record.
In FY21, STGT successfully increased the production capacity, with the commissioning of 3 new production facilities, which are Surat Thani Plant2 (SR2) in 2Q21 and Surat Thani Plant3 (SR3) and Sadao PS Plant in Songkla (PS) in 3Q21. STGT’s annual installed production capacity increased from 33 billion pieces at the end of FY20 to 40.3 billion pieces at the end of FY21.
Meanwhile, the company also successfully became a listed company on the Singapore Exchange (SGX-ST) under the ticker “STG” without the issuance of any new shares. The listing broadened the shareholder base and opened up another channel for any future fundraising as well as enhanced its regional profile.
In addition, the Board of Directors approved a dividend payment of THB 0.65 per share to be paid on 5 May 2022. The ex-dividend date is 19 April 2022.
