PENANG-based Iconic Worldwide Bhd, which is primarily involved in tourism and property development sector, finds itself ahead of schedule in kickstarting its personal protective equipment (PPE) manufacturing facility for gloves and face masks.
With the facility having reached 70% completion after only 100 days of construction, the group has already started the installation of its glove production machinery, according to its managing director Datuk Tan Kean Tet.
“Initially we targeted to complete the factory in July 2021 and commence operations by September 2021 but we now foresee that it could happen earlier than expected,” he projected.
“The extraordinary speed of our progress is credited to the concerted effort of the Iconic Worldwide team as well as our consultants, construction workers and suppliers.”
In another project update, Tan revealed that Iconic Worldwide has obtained the CE and ISO certifications for its three-ply face mask and nitrile gloves which will enable the group to export its products overseas.
CE is an administrative marking that indicates conformity with health, safety, and environmental protection standards for products sold within the European Economic Area while ISO is a standard to ensure quality and safety in both products and services in international trade.
In December, Iconic Worldwide’s announced that its wholly-owned subsidiary Iconic Medicare Sdn Bhd will be installing and commissioning its glove and disposable face mask production lines.
The production lines are expected to yield a minimum production capacity of approximately 3.5 billion pieces of gloves per annum and approximately 220 million pieces of face masks per annum.
Based on current average selling prices, the group estimates that the output of gloves and face masks could translate into a revenue of RM1 bil and RM100 mil each in its financial year ending March 31, 2023 (FY2023).
Aiming to be a leading glove maker in the world in five years, Iconic Worldwide has set its sights on producing 17 billion pieces of gloves which commands a global share of approximately 5%.
Through this business diversification, the group hopes to to reduce its dependency on the tourism and hospitality segment during this trying period.
Iconic Worldwide closed today’s trading 1 sen or 2.25% lower at 43.5 sen with 1.26 million shares traded, thus valuing the company at RM183 mil. – March 31, 2021