Coway, Q1 Sales of 928 Billion KRW and Operating Profit of 172.7 Billion KRW

"Innovative Activities to Provide a Healthy and Convenient Living Environment Will Continue Performance Growth"

[Asia Economy Reporter Kim Cheol-hyun] Coway (CEO Lee Hae-sun and Seo Jang-won) announced on the 13th that its consolidated sales for the first quarter of this year reached 928 billion KRW, a 5.6% increase compared to the same period last year. Operating profit was 172.7 billion KRW, and net profit was 135 billion KRW, increasing by 1.1% and 7.3% respectively compared to the same period last year.

In the first quarter of this year, Coway's domestic environmental home appliance business sales recorded 559.5 billion KRW, supported by stable net increases in rental accounts. The total number of domestic accounts reached 6.56 million.

Overseas subsidiary sales amounted to 332.4 billion KRW, a 13.0% increase compared to the same period last year. The sales of the Malaysian and U.S. subsidiaries, which led the overseas subsidiary performance, were 262.8 billion KRW and 45.8 billion KRW respectively, increasing by 9.3% and 6.6% compared to the same period last year. The total number of Coway overseas subsidiary accounts achieved 2.72 million, a 29.3% increase compared to the same period last year.

In the first quarter of this year, the total number of Coway domestic and overseas customer accounts reached 9.28 million, an increase of 810,000 accounts compared to the same period last year, thanks to the stable net increase in overseas subsidiary accounts.

Coway CFO Kim Soon-tae said, "Despite the challenging market environment, we recorded stable performance growth by leading with the expansion strategy of the premium design home appliance brand Noble. We will continue to maintain stable performance growth based on various innovative activities aimed at providing customers with a healthy and convenient living environment."

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