New Products and Overseas Subsidiaries Drive Growth
Coway Co., Ltd., a leading environmental home appliances company, has reported financial results for the second quarter of 2021.
"We have achieved a solid performance thanks to the continuous launch of innovative products and the growth of overseas subsidiaries despite the challenges from the COVID-19 pandemic,” said Kim Soon-tae, chief financial officer of Coway. “Now, we plan to continue raising our profile in global markets and finding new ways to increase our competitiveness and business growth.”
Coway reported revenue of 1,784.4 billion won (+13.3% YoY) and an operating profit of 337.2 billion won (+9.5% YoY) for the first half of 2021. The revenue of overseas subsidiaries reached 580.1 billion won, accounting for 32.5% of the total revenue.
The company reported second-quarter revenue of 905.4 billion won, making it their most successful quarter in history. During this period, the operating profit and net profit were 166.4 billion won and 115.8 billion won, respectively.
The domestic environmental home appliance sales also marked a new company record with revenue of 558.9 billion won. The key drivers in this area were the new product lines, such as the Icon Water Purifier and Noble Air Purifier. In addition, the number of domestic rental sales was 340,000, with a total of 6.41 million accounts in Korea.
Overseas subsidiaries reported 286.0 billion won revenue for the second quarter, up 46.7% year over year. Malaysia and the USA, which have accelerated Coway’s overseas success, reported 236.7 billion won (+51.8% YoY) and 35.8 billion won (+11.5% YoY), respectively. In total, the number of overseas accounts has increased by 33.8% and now reaches 2.25 million.
The company’s total number of rental accounts, both globally and domestically, for the second quarter of 2021 has risen by 650,000 to reach 8.66 million thanks to the successful growth of overseas business accounts.