SEOUL, South Korea, Aug. 7, 2021 – 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.
Coway Announces Financial Results for Q2 FY2021
For additional details about Coway’s financial performance, please visit the company’s Investor Relations page.
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