Coway Reports Operating Profit of 308 Billion KRW in First Half of the Year... "Performance Growth Trend"

Sales of 1.5744 trillion KRW
Operating profit up 12.7% year-on-year

[Asia Economy Reporter Kim Daeseop] Coway announced on the 5th that its sales in the second quarter of this year reached 805.5 billion KRW, a 6.6% increase compared to the same period last year, based on consolidated financial statements.

According to the disclosure made on this day, Coway's operating profit and net profit for the second quarter of this year recorded 169.2 billion KRW and 118.9 billion KRW, respectively, increasing by 22.4% and 16.7% compared to the same period last year. The sales for the first half of this year increased by 7.5% year-on-year to 1.5744 trillion KRW, and operating profit rose by 12.7% to 308 billion KRW.

In the second quarter of this year, domestic environmental home appliance business sales reached 552.9 billion KRW, achieving stable net account growth despite the impact of COVID-19. Additionally, sales expanded by strengthening competitiveness through the expansion of the mattress lineup. Overseas business sales recorded 225.5 billion KRW, a 25% increase compared to the same period last year, thanks to the strong performance of major overseas subsidiaries and efforts to diversify overseas clients.

In particular, Malaysia surpassed a total of 1.52 million accounts, a 32% increase compared to the same period last year, recording sales of 155.9 billion KRW. Also, the mattress customized care rental service launched in January has been steadily established in the market. In the U.S. market, sales increased by 35% year-on-year to 32.1 billion KRW due to expanded bidet sales.

As of the second quarter of this year, Coway's total customer accounts reached 8.01 million. Domestic accounts were 6.33 million, and overseas accounts reached 1.68 million.

Lee Hae-sun, CEO of Coway, said, "Despite concerns due to COVID-19 in the second quarter of this year, we maintained a solid performance growth trend." He added, "However, the prolonged domestic and international COVID-19 situation and the CS Doctor union strike are expected to be variables affecting management performance within this year." He emphasized, "We will do our best to sustain growth through strengthening the competitiveness of existing businesses and continuously discovering new growth engines."

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