Iconic Worldwide, through its wholly-owned subsidiary Iconic Medicare Sdn Bhd, began production trials of three-ply face masks in a rented premise in Juru, Penang, last month. It will initially produce two million to three million masks a month, before gradually increasing production to five million a month. In addition, the company aims to produce one million N95 disposable surgical masks a month.
The Penang-based tourism and property development outfit has made an internally funded initial investment of RM2.8 million in the new venture and hopes to derive a double-digit profit margin from it.
Thanks to strong buying interest in PPE-related companies, Iconic Worldwide saw its share price surge 406% to a 52-week high of 91 sen on Aug 6 from a low of 18 sen on March 25, when most global markets reported severe contractions, mainly in response to the Covid-19 pandemic and an oil price war between Russia and the Organization of the Petroleum Exporting Countries. The stock closed at 57 sen on Wednesday, valuing the company at RM184.52 million.