UG Healthcare narrows net loss by 70.8% in FY24

EPS stood at $0.17

UG Healthcare narrowed its net loss attributable to shareholders by 70.8% year-on-year (YoY), from $20.7m in 2023 to $6.1m this year.

This is due to markets continuing to determine a new equilibrium and average selling price of disposable examination gloves along with increase in ancillary products.

The group’s revenue rose by $14.1m, from $101.1m in 2023 to $115.2m this year due to the overall increase in sales volume. Revenue of nitrile examination gloves and other ancillary products increased by 53% YoY and 98.7% YoY respectively, whilst latex examination gloves revenue decreased by 10.7% YoY.

Share of losses profits from associates decreased to $0.1m due to losses by its German and USA associates in the first half of the year.

Basic earnings per share stood at $0.17 compared to last year’s $2.56.