Coway Q3 Operating Profit 207.1 Billion KRW... 6% Increase YoY

Consolidated Revenue Reaches 1.1003 Trillion KRW
Domestic Rental Accounts Net Increase Totals 245,000 Units

Coway announced on the 8th that its consolidated sales for the third quarter of this year amounted to 1.1003 trillion KRW, a 9.2% increase compared to the same period last year. Operating profit rose by 6.0% during the same period to 207.1 billion KRW.

Coway's Icon Ice Water Purifier. Provided by Coway

The cumulative sales up to the third quarter of this year increased by 7.5% year-on-year to 3.1844 trillion KRW, and operating profit rose by 8.3% to 612 billion KRW.

Domestic business sales in the third quarter recorded 660.8 billion KRW, a 9.9% growth compared to the same period last year. Thanks to the expanded sales of the summer icon ice water purifier and the popularity of the Birex mattress and massage chair, the net increase in domestic rental accounts in the third quarter more than doubled year-on-year to 102,000 units. The cumulative net increase this year reached a total of 245,000 units, surpassing last year’s annual net increase of 193,000 units within just three quarters.

Overseas subsidiaries posted third-quarter sales of 391.5 billion KRW, up 7.8% year-on-year. The sales of the major subsidiary in Malaysia rose 8.8% year-on-year to 293.4 billion KRW. The Thailand subsidiary recorded sales of 32.5 billion KRW, an 8.9% increase compared to the same period last year.

Kim Sun-tae, Coway’s Chief Financial Officer (CFO), said, “We are continuously acquiring new customers, with the number of rental accounts surpassing 10 million, thanks to strong sales growth both domestically and globally and stable contract cancellation management.” He added, “We will focus on research and development for product innovation and digitalization to maintain strong performance growth.”

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