Revenue of Overseas Subsidiaries Jumps 56.4% YoY
Coway Co., Ltd., a leading environmental home appliances company, has announced its financial results for the first quarter of 2021.
"Exciting new products and impactful marketing campaigns propelled our performance, both domestically and internationally," said Kim Soon-tae, chief financial officer of Coway. "To drive long-term growth, we'll continue to focus on our competitiveness in the domestic market while expanding further into overseas markets."
Coway reported 879.0 billion won in revenue (+14.3% YoY), 170.7 billion won in operating profit (+23.0% YoY) and 125.8 billion won in net profit (+23.8% YoY).
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The consolidated revenue for domestic environmental home appliance sales reached 538.5 billion won thanks to a stable rise in rental accounts. The number of domestic rental sales was 321,000, with 6.36 million accounts in Korea.
Overseas subsidiaries reported revenue of 294.2 billion won for the first quarter, up 56.4% year over year. Malaysia and the USA, the standout overseas subsidiaries, performed highly in Q1, reporting 240.4 billion won (+56.8% YoY) and 42.9 billion won (+57.9% YoY), respectively. The total number of overseas accounts has increased by 32.7% to now reach 2.1 million, breaking the 2 million mark.
The company's total rental accounts for the first quarter of 2021 has risen by 560,000 to 8.46 million. The overall success of overseas business accounts was a key driver here.