UG Healthcare narrows 1H FY26 net loss to S$1.1m as EBITDA more than doubles to S$3.3m on 3% revenue growth
Summary:
-
Revenue rose 2.8% year on year to S$74.7m in 1H FY26, driven by higher sales volumes of disposable examination gloves and ancillary products (reusable industrial gloves and hygiene items) through its expanded downstream network.
-
EBITDA jumped to S$3.29m from S$1.24m, but higher depreciation from the third gloves factory (not yet in operation), amortisation of intangibles and lower JV contribution left the Group with a net loss attributable to shareholders of about S$1.1m (LPS 0.18 cents), versus a S$0.9m loss a year earlier.
-
Composite gross margin slipped to 24.5% from 25.9% as depreciation on new production lines weighed on latex and nitrile margins, while other income rose 36% on reversal of PPE impairment and other expenses fell 67% on lower FX losses.
-
The balance sheet strengthened modestly: net asset value increased to S$165.8m and NAV per share to S$0.2653; cash and bank balances were S$23.9m, and both long‑ and short‑term bank borrowings were reduced through repayments.
-
Management says the integrated own‑brand manufacturing and distribution (OBM) model and diversified markets position UG to benefit from structural growth in disposable and industrial gloves, even as global trade tensions and tariff uncertainty continue to pressure recovery.