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For the first quarter of FY2021, Coway reported total revenue of KRW 879.0 billion (+14.3% YoY), operating profit of KRW 170.7 billion (+23.0% YoY), and net profit of KRW 125.8 billion (+23.8% YoY)
Overseas subsidiaries had revenue of KRW 294.2 billion (+56.4% YoY), with the total number of overseas accounts exceeding the 2 million mark
Innovative product launches and strategic marketing drove growth in the domestic market
SEOUL, South Korea, May 13, 2021 /PRNewswire/ -- Coway Co., Ltd., a leading environmental home appliances company, announced its financial results for the first quarter of 2021.
"Exciting new products and impactful marketing campaigns propelled our performance, both domestically and internationally," said Soon Tae Kim, chief financial officer of Coway. "To drive long-term growth, we'll continue to focus on our competitiveness in the domestic market while expanding further into overseas markets."
Coway reported the following earnings:
First-quarter revenue: KRW 879.0 billion (+14.3% YoY)
First-quarter operating profit: KRW 170.7 billion (+23.0% YoY)
First-quarter net profit: KRW 125.8 billion (+23.8% YoY)
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The consolidated revenue for domestic environmental home appliance sales reached KRW 538.5 billion thanks to a stable rise in rental accounts. The number of domestic rental sales was 321,000, with 6.36 million accounts in Korea.
Overseas subsidiaries reported revenue of KRW 294.2 billion for the first quarter, up 56.4% year over year. Malaysia and the USA, the standout overseas subsidiaries, performed highly in Q1, reporting KRW 240.4 billion (+56.8% YoY) and KRW 42.9 billion (+57.9% YoY), respectively. The total number of overseas accounts has increased by 32.7% to now reach 2.1 million, breaking the 2 million mark.
The company's total rental accounts for the first quarter of 2021 have risen by 560,000 to 8.46 million. The overall success of overseas business accounts was a key driver here.
For additional details about Coway's financial performance, please visit the company's Investor Relations page.
About Coway Co., Ltd.
Established in Korea in 1989, Coway, "The Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, and China, based on the business success in Korea. For more information, please visit http://www.coway.com/
SOURCE Coway Co., Ltd.