Intco Medical net profit surges in 2020
(chinadaily.com.cn)| Updated : 2021-01-27Print Print
Based in Zibo, Shandong province, Intco Medical enjoyed a bullish performance in 2020, with its net profit expected to soar by nearly 40 times compared with 2019.
On Jan 24, Intco Medical released its annual results forecast for 2020 which stated that its profits attributable to the shareholders of the listed company will reach between 6.8 billion yuan ($1.05 billion) and 7.3 billion yuan, an annual increase of nearly 40 times. The basic earnings per share will reach 22.27 yuan to 23.91 yuan.
An employee works at the plant of Intco Medical [Photo/dzwww.com]
According to the company, this performance was largely due to the COVID-19 pandemic which caused a surge in the global demand for disposable protective gloves made by the company.
The company's foreign trade also witnessed rapid growth in 2020. The United States Trade Representative exempted import tariffs on a variety of medical products from China, including the company's main product, nitrile gloves.
In addition, the company's increased sales of masks, protective clothing and other products also played a role in growing its profits.
The production line of Intco Medical [Photo/dzwww.com]
By the end of 2020, the company's annual production capacity of disposable protective gloves had reached 36 billion pieces, including 24 billion PVC gloves and 12 billion nitrile gloves.
Founded in Zibo in 2009, Intco Medical has been listed under Stock Symbol 300677 in Shenzhen Stock Exchange since July 2017.
It is a high-tech manufacturing company focusing on R&D, production and marketing of medical disposable products and durable medical equipment.