The company's revenue increased more than 100% for the first quarter of its 2021 Financial Year.
UG Healthcare Corporation Limited has reported through-the-roof revenues for the first quarter of FY2021, in the latest assessment of the company’s unaudited consolidated management accounts.
The company reported an over 100% increase in revenue that they attributed to higher volume of gloves sold, and also higher average selling prices, on the back of stronger demand for disposable gloves and supply constraints elsewhere in the industry.
UG Healthcare also saw a gross margin increase for both its upstream manufacturing and downstream distribution businesses.
In response to the growing demand, UG Healthcare is increasing their production capacity by 500 million pieces of gloves per annum, bringing total production capacity to 3.4 billion pieces by March 2021.
UG Healthcare’s current production capacity is at 2.9 billion pieces
UG Healthcare said that it still expects to “benefit from further economies of scale with these additional capacities beyond FY2021.”
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