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Hartalega (5168) investor relations material
Hartalega Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 FY2026 revenue declined to RM553 million, down 9.6% sequentially and 5.3% year-over-year, due to lower sales volume, reduced average selling prices, and intensified competition, especially from China and U.S. tariff issues.
Operating profit dropped to RM8 million, a 20% decline from the previous quarter and over 77% lower year-over-year, mainly from lower ASP, stronger Ringgit, and lower capacity utilization.
Profit after tax was RM12 million, down 20% sequentially and over 61% year-over-year.
Despite profitability compression, a robust net cash position of RM1 billion was maintained at end-June 2025.
Profit before tax was RM14.3 million, aided by asset disposals but still down 65.2% year-over-year.
Financial highlights
Revenue for Q1 FY2026 was RM553 million, down 9.6% sequentially and 5.3% year-over-year.
Operating profit dropped to RM8 million, a 20% decline from the previous quarter and 77.1% lower year-over-year.
EBITDA for the quarter was RM55 million, with a margin of 9.9%, down from RM59 million sequentially.
Net profit for the quarter was RM12.3 million, a 61.3% decrease year-over-year.
Earnings per share stood at 0.37 sen, down from 0.94 sen in the same quarter last year.
Outlook and guidance
Glove sector recovery is on track, with global demand expected to increase in 2H CY2025 as healthcare consumption recovers.
Long-term glove demand projected to grow at a 7%-9% CAGR post-normalisation.
Management anticipates a gradual recovery in restocking and demand, but expects continued challenges from overcapacity, rising costs, and competition, especially from Chinese and Southeast Asian manufacturers.
U.S. tariff uncertainties and redirected Chinese supply to non-U.S. markets are expected to keep ASPs under pressure.
Market recovery faces hurdles from global oversupply, price sensitivity, and ongoing US-China tariff uncertainties.
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