STGT Doubles Net Profit to THB47 Million in 3Q23 over Decline in Latex Costs

Sri Trang Gloves (Thailand) PCL reported its financial result on 8 November which has details as follows.


Quarter 3Q23 3Q22
Net Profit (Loss)
Million Baht
47.44 21.80
Earning Per Share
0.0166 0.0076
% Change 117.59
9 Months 2023 2022
Net Profit (Loss)
Million Baht
194.96 1,690.43
Earning Per Share (Baht) 0.0680 0.5903
% Change -88.47


In 3Q of 2023, STGT recorded a net profit of THB 47.4 million, up 117.6% YoY, with a net profit margin of 1.0%. Net profit was the result of lower NR and NBR latex costs and THB depreciation against USD, despite slightly lower sales volume, utilization rate maintained at 59% amid persisting oversupply.

STGT’s revenue totaled THB 4,740.9 million, decreasing THB 296.0 million or 5.9% QoQ and THB 143.0 million or 2.9% YoY. By product, latex powdered gloves (NRPD) contributed the largest proportion of sales revenue at 41%, followed by latex powder-free gloves (NRPF) and nitrile gloves (NBR) at 38% and 21% of sales revenue, respectively. The ASP in 3Q/2023 was THB 605 (USD 17.28) per 1,000 pieces, decreasing 3.5% QoQ and 21.4% YoY.


STGT’s sales volume totaled 7,597 million pieces, decreasing 0.8% QoQ but growing 19.1% YoY. The YoY volume growth was driven by a 12.4% increase in NRPD gloves, which count Asia and Latin America as major markets, indicating that an order situation in those markets has started to return to normal.

The decrease in ASP followed the decline in NR and NBR latex costs. THB also depreciated QoQ against USD. As a result, STGT’s were able to maintain utilization rate in 3Q/2023 at 58.9%. Furthermore, Cost of Good Sold (COGS) totaled THB 4,145.5 million, decreasing 8.2% QoQ and 4.1% YoY. The QoQ decrease followed the 9.6% decline in NR latex costs and 19.1% decline in NBR latex costs. The YoY decrease followed the 18.7% decline in NR latex costs and 35.4% decline in NBR latex costs.


Gross profit totaled THB 595.4 million, increasing THB 73.7 million or 14.1% QoQ and THB 35.8 million or 6.4% YoY, with a gross profit margin of 12.6%, which increased by 2.2% from in 2Q/2023 and 1.1% from in 3Q/2022 as costs decreased.

SG&A totaled THB 513.2 million, decreasing 7.6% QoQ because of lower brokerage fees as a result of the ASP decrease, a decrease in allowance for doubtful debt and lower freight costs, despite an increase in professional fees. The percentage of SG&A to sales revenue decreased to 10.8% from 11.0% in 2Q/2023 and 3Q/2022.


STGT’s recorded THB 44.2 million in net currency exchange loss, widening by THB 34.36 million QoQ, but narrowing by THB 50.4 million or 53.3% YoY, as a result of THB depreciating by 2% against USD under the currency hedging transactions.

STGT’s finance costs totaled THB 79.4 million, increasing 0.7% QoQ and 73.3% YoY because of higher interest rates from financial institutions following the reference market rate increase.