Riverstone Q1 profit falls 27.1% to RM41.1 million on a stronger ringgit

[SINGAPORE] Glove manufacturer Riverstone Holdings posted a 27.1 per cent drop in net profit to RM41.1 million (S$13.3 million) for its first quarter ended Mar 31, 2026, from RM56.4 million in the previous corresponding period.

In an update released on Friday (May 8), the mainboard-listed company attributed the decline to the strengthening of the Malaysian ringgit against the US dollar throughout the quarter, which weighed on the group’s performance.

Revenue for Q1 fell 15.1 per cent to RM214.3 million, from RM252.3 million in the year-ago period. This occurred despite steady sales volumes in both the cleanroom and healthcare segments.

No dividend was declared for the quarter.

Executive chairman and CEO Wong Teek Son said that Q1 “was a challenging quarter for the group, with macroeconomic and geopolitical factors weighing on (its) reported performance”.

“Encouragingly, customer demand has to date been stronger than expected. Cleanroom glove segment continues to benefit from artificial intelligence infrastructure and data centre demand, while healthcare glove customers have proactively placed orders to build inventory in anticipation of prolonged supply chain disruptions,” he noted. 

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Wong added that the group remains “cautiously optimistic” about its long-term business growth prospects.

Shares of Riverstone closed at S$0.765 on Friday, up S$0.035 or 4.8 per cent, before the results were announced.