Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) reported a challenging fiscal year 2025, swinging to a net loss of THB 108.6 million from a net profit of THB 995.3 million in 2024. Despite this bottom-line pressure, the Board of Directors has proposed a dividend of THB 0.50 per share from retained earnings, with an Ex-Dividend (XD) date of April 21, 2026, and a payment date of May 8, 2026.
Total sales revenue for 2025 landed at THB 23.89 billion, representing a 4.4% year-on-year (YoY) decline from THB 25 billion in 2024. This was underpinned by a 3.8% drop in sales volume from 38.54 billion pieces to 37.1 billion as the industry faced intense price competition and U.S. reciprocal tariff measures.
While the Average Selling Price (ASP) in USD terms rose by 6.5%, a 6.9% appreciation of the Thai Baht effectively neutralized these gains, resulting in a slight 0.8% decrease in the THB-denominated ASP.
A bright spot in the reports was the improvement in Gross Profit Margin, which rose to 9.1% from 8.7% in 2024. This was driven by a 4.9% reduction in the Cost of Goods Sold (COGS), as raw material prices for NR latex and NBR latex fell by 4.4% and 15.4% YoY, respectively.
However, these operational gains were overshadowed by a 42.7% surge in SG&A expenses, totaling THB 2.47 billion. Additionally, other income fell 59.1% to THB 259.7 million due to lower interest subsidies compared to the unusually high levels seen in 2024.
The second half of 2025 was marred by THB 634.0 million in non-recurring items recognized in the fourth quarter, including damages from flooding in Hat Yai and impairment allowances for older, inefficient factories. Without these one-time hits, STGT would have reported a pre-tax profit of THB 549.1 million.
STGT continues to focus on long-term competitiveness by integrating AI and automation to optimize production. Furthermore, the company significantly strengthened its balance sheet, reducing total liabilities by 27.8% YoY to THB 7.5 billion, which helped lower finance costs by 19.2% to THB 235.4 million.
