Coway Records 3.2374 Trillion KRW in Sales Last Year
Driving Growth of Overseas Subsidiaries... Annual Overseas Sales of 896.1 Billion Won
[Asia Economy Reporter Kim Cheol-hyun] Coway (CEO Lee Hae-sun, Seo Jang-won) announced on the 17th that its sales in the fourth quarter of last year reached 862.6 billion KRW, operating profit was 129.8 billion KRW, and net profit was 67.4 billion KRW. These figures represent increases of 8.6%, 190.9%, and 250.1% respectively compared to the same period last year.
The annual sales for 2020 amounted to 3.2374 trillion KRW, a 7.2% increase from the previous year. Operating profit was 606.4 billion KRW, and net profit was 404.7 billion KRW, up 32.3% and 21.8% respectively.
Coway's domestic environmental home appliance business recorded annual sales of 2.1273 trillion KRW last year. Despite the impact of COVID-19 and the CS Doctor union strike, this was a slight increase from 2.1112 trillion KRW the previous year. The annual rental sales volume was approximately 1.35 million units, and the total domestic accounts reached 6.34 million.
Overseas subsidiaries posted annual sales of 896.1 billion KRW, a 38.4% increase compared to the previous year. Despite the effects of COVID-19, strong sales growth was driven by significant increases in sales from the Malaysia and U.S. subsidiaries. The total accounts for Coway’s overseas subsidiaries reached 1.93 million, approaching the 2 million account milestone. The Malaysia subsidiary recorded sales of 708.5 billion KRW.
Last year, Coway’s total customer accounts increased by 480,000 from the previous year to 8.27 million, thanks to successful net account growth in overseas subsidiaries including Malaysia.
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Seo Jang-won, Co-CEO of Coway, stated, "Despite internal and external uncertainties such as the CS Doctor strike and COVID-19, we achieved sustainable growth through successful domestic market defense by launching innovative products and diversifying overseas business. This year, we plan to focus on securing future growth engines by actively expanding synergy with Netmarble."
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