Flexidynamic Holdings Berhad (“Flexidynamic” or the “Company”), an established solutions provider for the rubber glove manufacturing industry, today announced its unaudited financial results for the first quarter ended 31 March 2025 (“Q1 FY2025”), marking a robust start to the financial year with a 268.1% year-on-year increase in revenue to RM17.47 million, compared to RM4.75 million recorded in the same period last year (“Q1 FY2024”).
The surge in revenue was mainly driven by enhanced project deliveries under the Group’s glove chlorination system segment and mechanical and electrical (“M&E”) engineering works, supported by ongoing system upgrades among existing clients. Profit before tax (“PBT”) doubled to RM0.31 million, from RM0.15 million in Q1 FY2024, reflecting the positive operating leverage from the higher topline.
On a quarter-on-quarter basis, revenue declined from RM20.95 million in Q4 FY2024 due to lower revenue recognition from M&E engineering works. However, Flexidynamic recorded a turnaround from a loss before tax (“LBT”) of RM0.32 million in the previous quarter to a profit before tax of RM0.31 million in Q1 FY2025. This improvement was primarily due to the absence of one-off costs such as allowance for expected credit losses and acquisition-related losses booked in Q4 FY2024.
At the Company’s Sixth Annual General Meeting (“6th AGM”) convened on 30 May 2025, all resolutions tabled were duly passed by shareholders. This included the re-election of Directors, the reappointment of external auditors, the authority to issue shares, and the renewal of the mandate for recurrent related party transactions. Shareholders also received the Annual Report for the financial year ended 31 December 2024 (“FYE2024”), with the approval reflecting continued investor confidence in Flexidynamic’s strategic direction and long-term potential.
Mr. Tan Kong Leong, Managing Director of Flexidynamic Holdings Berhad, commented, “We are pleased with the performance this quarter, which reflects our team’s efforts in navigating market cycles while focusing on delivering value to our customers. With the glove sector stabilising and more industrial clients pursuing automation upgrades, we see ample opportunities to reinforce our leadership in the glove chlorination system space while expanding into new high-value verticals.”
Looking ahead, Flexidynamic remains optimistic as the glove industry shows signs of stabilisation. Capacity rationalisation through plant decommissioning and exits by newer entrants, is accelerating a return to demand-supply equilibrium. Recent policy shifts, including the United States’ announcement of a 24% tariff on Malaysian glove exports (temporarily reduced to 10% for a 90-day negotiation period) and Malaysia’s ban on non-locally made glove exports, are expected to drive greater domestic production. This, in turn, will support increased demand for Flexidynamic’s system upgrades and engineering solutions in both local and overseas markets.
To strengthen its market position, the Group is expanding upstream into the manufacturing of glove formers, enhancing vertical integration and enabling cross-selling across its glove sector clients. Together with the progress in infrastructure projects and the upcoming gamma radiation sterilisation services via its 51%-owned subsidiary Gammatech Sdn. Bhd., Flexidynamic remains focused on operational efficiency and long-term, sustainable growth to deliver greater shareholder value.
