Coway Q3 Sales Reach 934 Billion KRW, Up 16.7% YoY

[Asia Economy Reporter Junhyung Lee] Coway announced on the 5th that its consolidated sales for the third quarter of this year reached 934 billion KRW, a 16.7% increase compared to the same period last year. Operating profit for the same period was 163.8 billion KRW, a 2.9% decrease from the same period last year.

The cumulative sales for the third quarter of this year totaled 2.7184 trillion KRW, a 14.5% increase compared to the same period last year. Cumulative operating profit was 501 billion KRW, up 5.1% year-on-year.

Specifically, sales in the domestic environmental home appliances business segment recorded 556.2 billion KRW, a 9.6% increase compared to the same period last year. This reflects the increased sales of innovative products such as the Icon water purifier and Noble air purifier. Rental product sales volume reached approximately 330,000 units, and the total domestic accounts reached 6.47 million.

The total sales of overseas subsidiaries for the third quarter of this year were 333.1 billion KRW, a 39.2% increase compared to the same period last year. Sales of major overseas subsidiaries in Malaysia and the United States were 256.2 billion KRW and 58 billion KRW, respectively, increasing by 43.3% and 11.9% year-on-year. The total accounts of overseas subsidiaries reached 2.4 million, a 32.7% increase compared to the same period last year.

As of the third quarter of this year, Coway's total domestic and overseas accounts recorded 8.87 million, an increase of 760,000 compared to the same period last year.

Kim Soon-tae, Coway's Chief Financial Officer (CFO), said, “Thanks to the growth in sales of innovative products and quality improvements in the third quarter, we recorded good performance,” adding, “In the fourth quarter, we will continue stable management performance based on the launch of innovative products such as the Noble water purifier series.”