SEOUL, South Korea, Feb. 18, 2021 – Coway Co., Ltd., a leading environmental home appliances company, today reported financial results for the fourth quarter and the fiscal year 2020.
"Amidst internal and external uncertainties, such as the CS Doctor strike and COVID-19 pandemic, Coway has successfully maintained a firm growth through innovative product launches and overseas business expansion," said Jangwon Seo, Co-CEO of Coway. "Coway looks forward to expanding the synergy between Coway and Netmarble, the holding company, and plans to focus on securing key drivers for future business growth in 2021."
Coway reported the following earnings:
These figures are from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The consolidated revenue for domestic environmental home appliance sales only slightly increased from KRW 2,111.2 billion to KRW 2,127.3 billion year-over-year due to the CS Doctor strike and the COVID-19 pandemic. Domestic rental sales amount to 1.35 million with 6.34 million accounts in Korea.
The growth of the overseas business was a huge performance driver. Overseas subsidiaries saw solid growth of 38.4%, with annual revenue of KRW 896.1 billion. The Malaysia and USA subsidiaries were key growth drivers with an increase in total revenue despite the challenges of the COVID-19 pandemic. The total number of overseas accounts is currently 1.93 million and is forecast to reach the milestone of 2 million soon. Coway Malaysia recorded revenue of KRW 708.5 billion.
Coway Reports Q4 and FY2020 Financial Results
Overall, the company's total rental accounts for 2020 amount to 8.27 million, an increase of 480,000 year-over-year thanks to the successful net increase in overseas business accounts.
For additional details about Coway's financial performance, please visit the company's Investor Relations page.
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