Coway Announces Financial Results for Q2 FY2021
- Coway reported total revenue of KRW 905.4 billion (+12.4% YoY), operating profit of KRW 166.4 billion (-1.6% YoY), and net profit of KRW 115.8 billion (-2.6% YoY) for the second quarter of FY2021
- Overseas subsidiaries had revenue of KRW 286.0 billion (+46.7% YoY), and the number of overseas accounts totaled 2.25 million
- The Icon Water Purifier and Noble Air Purifier product launches combined with overseas business growth contributed to a stable second quarter
SEOUL, South Korea, Aug. 7, 2021 /PRNewswire/ — Coway Co., Ltd., a leading environmental home appliances company, today reported financial results for the second quarter of 2021.
“We 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,” says Soon Tae Kim, 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 the following earnings:
– Second-quarter revenue: KRW 905.4 billion (+12.4% YoY)
– Second-quarter operating profit: KRW 166.4 billion (-1.6% YoY)
– Second-quarter net profit: KRW 115.8 billion (-2.6% YoY)
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
For the first half of FY2021, Coway reported revenue of KRW 1,784.4 billion (+13.3% YoY) and an operating profit of KRW 337.2 billion (+9.5% YoY). The revenue of overseas subsidiaries was recorded as KRW 580.1 billion, accounting for 32.5% of total revenue.
The company reported second-quarter revenue of KRW 905.4 billion, making it their most successful quarter in history. During this period, the operating profit and net profit were KRW 166.4 billion and KRW 115.8 billion, respectively.
The domestic environmental home appliance sales also marked a new company record with revenue of KRW 558.9 billion. 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 KRW 286.0 billion revenue for the second quarter, up 46.7% year over year. Malaysia and the USA, which have accelerated Coway’s overseas success, reported KRW 236.7 billion (+51.8% YoY) and KRW 35.8 billion (+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.
For additional details about Coway’s financial performance, please visit the company’s Investor Relations page.
About Coway Co., Ltd.
Established in Korea in 1989, Coway, “The Best Life Solution Company,” is a leading environmental home appliances company making people’s lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, and Vietnam, based on the business success in Korea. For more information, please visit http://www.coway.com/
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SOURCE Coway Co., Ltd.
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