Coway Reports Q1 Sales of 768.9 Billion KRW... "Cumulative Rentals Reach 7.89 Million Accounts"

[Asia Economy Reporter Kim Daeseop] Coway announced on the 8th that its sales in the first quarter of this year reached 768.9 billion KRW, an increase of 8.4% compared to the same period last year.

According to the consolidated financial statements disclosed on the same day for the first quarter of this year, operating profit and net profit for the period recorded 138.9 billion KRW and 101.6 billion KRW, respectively, up 2.7% and 1.2% from the same period last year.

Coway's domestic environmental home appliance business sales in the first quarter of this year reached 529.4 billion KRW, supported by an increase in rental sales through stable net account growth. Additionally, overseas business sales in the first quarter recorded 208.2 billion KRW, driven by smooth operations of major overseas subsidiaries and efforts to diversify overseas clients.

In particular, the Malaysian subsidiary added mattresses as a new category in January this year, and the company explained that it is showing stable growth by expanding on-site organizations and strengthening brand awareness activities. The U.S. subsidiary continues to see strong sales of air purifiers and bidets.

As of the first quarter of this year, Coway's total number of accounts is 7.89 million. Domestic accounts number 6.31 million, while overseas subsidiaries recorded 1.58 million accounts.

Lee Hae-sun, CEO of Coway, said, "Coway recorded solid results in key management indicators such as sales, operating profit, and net profit in the first quarter. However, as COVID-19 is currently spreading overseas, it is expected to have a significant impact on second-quarter business performance, but we will do our best to maintain stable business results through revitalizing domestic sales."

This content was produced with the assistance of AI translation services.