STGT Reports 10% Increase Net Profit in 1Q24 from Higher Sales Revenue and Volume

Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) has has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

146.78 132.33
Earning Per Share


0.0500 0.0500
% Change 10.92


STGT reported a net profit of THB 146.8 million, up 10.9% YoY, with a net profit margin of 2.4%.

Total revenue in 1Q24 amounted toTHB 6,050.4 million, growing 14.0% QoQ and 32.1% YoY. 37% of gloves sales revenue came from latex powdered gloves (NRPD), 39% from latex powder-free gloves (NRPF), and 24% from nitrile gloves (NBR).

The ASP in 1Q24 was THB 599 (USD 16.87) per 1,000 pieces, increasing 1.2% QoQ and 0.4% YoY alongside raw materials costs. However, price competition remains as the global glove industry is gradually shaking off the oversupply. In 1Q24, THB depreciated 0.02% QoQ against USD.

Sales volume in 1Q24 totaled 10,091 million pieces, growing 14.1% QoQ and 38.5% YoY across all products, with NRPD growing at 13.1% QoQ and 17.5% YoY, NRPF at 14.4% QoQ and 42.3% YoY, and NBR at 15.7 QoQ and 92.2% YoY. The growth in sales volume came on the back of global demand that started to recover and revert to the normal industry growth rate as the inventory of major distributors had returned to normal levels. Our diversified customer base also contributed to the growth in sales volume, which was seen in nearly all the regions.

EBITDA in 1Q24 totaled THB 691.8 million, increasing 13.9% QoQ and 11.3% YoY. EBITDA margin was 11.4%, down from 11.5% in 4Q23 and 13.6% in 1Q23.

Finance costs in 1Q24 totaled THB 72.4 million, lowering 5.4% QoQ because of lower loan amount following repayment. But finance costs increased 1.2% YoY because of higher interest rates from financial institutions following the benchmark rate increase.