Coway Surpasses 900 Billion KRW Quarterly Sales for the First Time...12.4% Increase YoY
Coway Q2 Earnings Announcement... Revenue 905.4 Billion KRW, Operating Profit 166.4 Billion KRW
H1 Revenue 1.7844 Trillion KRW... 13.3% Increase YoY
[Asia Economy Reporter Lee Junhyung] Coway's sales in the second quarter of this year exceeded 900 billion KRW for the first time in history for a single quarter.
Coway announced on the 6th that its sales in the second quarter of this year reached 905.4 billion KRW, a 12.4% increase compared to the same period last year (805.5 billion KRW). Operating profit was recorded at 166.4 billion KRW.
Sales in the first half of this year amounted to 1.7844 trillion KRW, a 13.3% increase compared to the same period last year. Operating profit was 337.2 billion KRW, up 9.5% from the same period last year. Overseas subsidiaries' sales in the first half accounted for 580.1 billion KRW, representing 32.5% of total sales.
In the second quarter of this year, domestic environmental home appliance business sales reached 558.9 billion KRW, setting a record for the highest quarterly sales, driven by strong sales of innovative products such as the Icon water purifier. Rental sales volume was approximately 340,000 units, and the total domestic accounts reached 6.41 million.
Sales of overseas subsidiaries in the second quarter were 286 billion KRW, a 46.7% increase compared to the same period last year. Sales of the Malaysian and US subsidiaries were 236.7 billion KRW and 35.8 billion KRW, respectively, increasing by 51.8% and 11.5% compared to the same period last year. The total overseas subsidiary accounts recorded 2.25 million, a 33.8% increase compared to the same period last year.
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Kim Sun-tae, CFO of Coway, said, "Despite uncertain management conditions such as COVID-19, we recorded solid performance thanks to the launch of innovative products and growth of overseas subsidiaries," adding, "We will continue to strengthen domestic and international business competitiveness and discover growth engines to ensure stable management performance."
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