Articles On VIP Gloves (ASX:VIP)

To fulfil existing sales orders and to enable the company to commit to new orders, VIP Gloves is urgently pursuing completion of the installation of new production lines.

The proposed new factory will have a total 8,000 square meters of space including manufacturing space, warehouse, storage facilities and other amenities and will have an annual production capacity of about 2.5 billion pieces of gloves.

The nitrile gloves manufacturer’s plants are operating at over 90% capacity, with a 21% increase in quarter-on-quarter output. 

The company added two new nitrile glove lines that were completed in June 2020 and fully commissioned in July 2020.

Glove makers are now looking at more than 12 months lead time for forward orders, given the current sales backlog as against one to two months during pre-COVID levels.

Malaysia-based VIP Gloves is set to enjoy strong revenue and earnings growth in the next two financial years as demand for gloves continue to grow in a post-COVID-19 setting.

Government agencies and NGOs are bypassing traditional distribution channels and approaching glovemakers directly for ‘spot purchases’ at huge premiums for quick deliveries.

Increasing revenue from nitrile glove production is expected to continue as the company improves operating efficiencies.

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Nitrile gloves are Type-1 allergy-free, puncture-resistant, have good barrier protection against infection and contamination and are suitable in medical and high-risk tasks.

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VIP’s sales orders have been filled through to the second quarter of 2021, with recent orders at higher sale prices which vary, depending on the specifications and volume.

The orders are coming in thick and fast for other players in the industry as well, including VIP Gloves.

VIP Gloves' nitrile gloves are allergy-free, puncture-resistant, have good barrier protection and are suitable in medical and high-risk tasks

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Macquarie Bank said the sector had not seen the peak in glove demand yet, especially with a new swine flu strain in China and the upcoming flu season in the US.

As part of its plans, it raised $2.3 million to part-finance the installation of the initial two new nitrile glove production lines at its factory in Malaysia.

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Manufacturing of medical gloves at a Malaysian plant operated by VIP Gloves (ASX: VIP) continues around the clock after the country’s government confirmed the business falls into the essential sector under COVID-19 lockdown rules. VIP has a...

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