Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q22 | 3Q21 |
| Net Profit (Loss) Million Baht |
21.81 | 4,532.82 |
| Earning Per Share (Baht) |
0.0100 | 1.5800 |
| % Change | -99.52 | |
| 9 Months | 2022 | 2021 |
| Net Profit (Loss) Million Baht |
1,690.44 | 21,864.49 |
| Earning Per Share (Baht) | 0.5900 | 7.6500 |
| % Change | -92.27 | |
Net profit in 3Q22 was THB 21.8 million, decreased 99.5% YoY and 96.5% QoQ, with a net profit margin of 0.4%. Gross profit margin was 11.5%, down from 20.3% in 2Q22 and 51.5% in 3Q21.
Sales revenue in 3Q22 was THB 4,884.0 million, decreasing 55.0% YoY and 25.3% QoQ because of the average selling price (ASP) that declined 48.8% YoY and 8.5% QoQ to THB 770 (USD 21.2) per 1,000 pieces as a result of increasing supply in the market. Sales volume was 6,381 million pieces, decreasing 11.5% YoY and 16.3% QoQ. Utilization rate in 3Q22 was 46.4%.
The company stated that gearing IBD to equity ratio increased to 0.25 at the end of 3Q22 from 0.22 at the end of FY21 following the issuance of THB 1,500 million in green debenture in September 2022.
STGT stated that with a unique product mix (NR:NBR), production lines that can efficiently alternate between producing NRPF and NBR gloves, and a production base in Thailand, a prime location for quality NR latex, the company is well positioned to deliver high quality gloves to consumers worldwide.
The company revised its expansion plan to meet 56 billion pieces in annual installed production capacity by 2024, an adjustment that reflects the current industry climate. In 3Q22, the newly expanded production lines of the plants in Trang (TG3), Songkla (ANV) and Chumphorn (CP), were commissioned.
By the end of FY22, the annual installed production capacity is expected to reach 42 billion pieces, representing a 3.4% growth from FY21. Cost-saving initiatives as such the use of automation and technology to achieve economies of scale and improve efficiency to create higher profit and return to shareholders will continue to be in STGT’s focus.
