Sales of 879 Billion KRW, Net Profit of 125.8 Billion KRW Recorded
Impact of Net Increase in Domestic and Overseas Rental Accounts
[Asia Economy Reporter Heeyoon Kim] Coway announced on the 12th that it recorded sales of 879 billion KRW in the first quarter of this year.
Based on consolidated financial statements, sales amounted to 879 billion KRW, an increase of 14.3% compared to the previous year. Operating profit was 170.7 billion KRW, and net profit was 125.8 billion KRW, showing increases of 23.0% and 23.8% respectively compared to the previous year. This is based on K-IFRS consolidated financial statements.
In the first quarter of this year, domestic environmental home appliance business sales recorded 538.5 billion KRW, supported by stable rental account net increases. Rental sales volume was approximately 321,000 units. The total number of domestic accounts reached 6.36 million accounts.
In the first quarter of 2021, Coway’s overseas subsidiaries recorded sales of 294.2 billion KRW, an increase of 56.4% compared to the same period last year. The Malaysian and U.S. subsidiaries, which led the high growth performance of overseas subsidiaries, recorded sales of 240.4 billion KRW and 42.9 billion KRW respectively, increasing by 56.8% and 57.9% compared to the previous year. The total number of accounts for Coway’s overseas subsidiaries reached 2.1 million accounts, a 32.7% increase compared to the previous year.
In the first quarter of this year, the total number of Coway’s domestic and overseas customer accounts reached 8.46 million accounts, an increase of 560,000 accounts compared to the previous year, thanks to the successful net increase of accounts in overseas subsidiaries.
Kim Sun-tae, Coway CFO, said, “Despite the uncertain business environment including COVID-19, we continue to grow not only domestically but also in overseas markets, supported by continuous innovative product launches and strategic marketing communications.”
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