Enviro-Hub (SGX:L23) had undergone pivotal restructuring in 2021, streamling its operations to focus on the recycling of e-waste and healthcare segments. This led to a robust 1H22 as net profit surged 40% y-o-y.
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the contribution from the group’s healthcare segment.
Enviro-Hub’s recent entry to the retail pharmaceutical business is a potential growth driver as it strives for a store count target of 90 by FY24.
Higher revenue expected for Enviro-Hub's recycling segment in 2022.
In 1H22, higher revenue from its recycling e-waste segment of S$16.4m (+17% y-o-y) was due to the increase of new MNC customers. Moving forward, Enviro-Hub expects to increase its recycling capacity of 3,600 tonnes a year to 5,100 tonnes a year by end-2H22, allowing it to leverage on its available capacity to gather a greater number of customers.
Acquisition of Pastel Glove opens door to gloves and healthcare industry.
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According to Malaysian Rubber Glove Manufacturers Association (MARGMA), the global demand for gloves would resume in 2023 with an expected increase of 12% to 15% growth. Key growth drivers cited were rising hygiene awareness, the ageing population and recovery in non-COVID-19-related demand.
In Oct 22, PGSB has a total of four manufacturing lines which are operating at about 40% utilisation. Management also shared that several initiatives are underway in obtaining the International Organisation for Standardisation (ISO) and Sedex Members Ethical Trade Audit (SMETA) to potentially attract greater sales and deliver better margins.
In Apr 22, PCSB opened its first retail pharmacy, R Pharmacy in Klang, Malaysia. Moreover, the company would tap on its internal funds to open 25 stores and 90 stores by 2023 and 2024 respectively.
Recycling business is Enviro-Hub’s core segment.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
