Riverstone Holdings, a leading manufacturer of specialised cleanroom and healthcare gloves, has announced its financial results as of September 2023.
The Group posted revenue of RM222.8 million ($47.5m) for Q3, which was flat on a quarter-on-quarter basis. Demand from the consumer electronics industry continued to be slow due to the sector downturn. However, new clients onboarded for customised healthcare gloves negated the impact.
Gross profit increased and was credited to a stronger product mix with a higher proportion of customised healthcare products being shipped out. Additionally, raw material costs have also trended downwards during the period under review.
Raw material costs have also trended downwards during the period under review
Executive Chairman and CEO, Wong Teek Son, said: “Our ongoing efforts in product customisation continue to bear fruit with increased orders from healthcare gloves. This has made up for the softer demand for cleanroom gloves this quarter.”
Electronic cleanroom demand?
According to reports by International Data Corp. (IDC), global smartphone, PC, and tablet shipments are projected to decline in 2023 but will subsequently rebound in 2024.
“We are upbeat about FY2024 with the expected recovery of cleanroom gloves driven by an improved consumer electronics sector. At the same time, we continue to see customer expansion opportunities for our customised range of products,” Wong added.
