SEOUL, South Korea, Nov. 5, 2021 – Coway Co., Ltd., “The Best Life Solution Company,” today reported financial results for the third quarter of 2021.
"We saw a boost in product sales and an improvement in product quality during the third quarter, and that's reflected in the company's solid earnings," says Soon Tae Kim, chief financial officer of Coway. "In the fourth quarter, we'll do our best to maintain the stable growth from the launch of new innovations like the Noble water purifier series."
Coway reported the following earnings:
- Third-quarter revenue: KRW 934.0 billion (+16.7% YoY)
- Third-quarter operating profit: KRW 163.8 billion (-2.9% YoY)
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The company reported third-quarter revenue of KRW 934.0 billion (+16.7% YoY) and an operating profit of KRW 163.8 billion (-2.9% YoY). Cumulative sales for 2021 are estimated at KRW 2,718.4 billion (+14.5% YoY), with an operating profit of KRW 501.0 billion (+5.1% YoY).
The domestic environmental home appliance sales recorded KRW 556.2 billion revenue (+9.6% YoY) thanks to innovative new product releases like the Icon water purifier and Noble air purifier. In addition, the Korean rental sales increased by 330,000 to reach a total of 6.47 million.
Overseas subsidiaries reported KRW 333.1 billion revenue for the third quarter, up 39.2% year over year. Malaysia and the USA, who remain the key growth drivers, grew their revenue to KRW 256.2 billion (+43.3% YoY) and KRW 58.0 billion (+11.9% YoY), respectively. In total, the number of overseas accounts has increased by 32.7% and now sits at 2.40 million.
Across both the global and domestic markets, the total number of accounts rose by 760,000 in Q3 and is now 8.87 million.
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, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.