Coway Operating Profit Up 9% Year-on-Year... "Strong Sales of Key Products"

Sales Up 17.3%, Net Profit Up 8.8%
"Driven by New Product Launches and Strong Performance of Major Product Lines"

Coway announced on May 9 that its consolidated operating profit for the first quarter of this year reached 211.2 billion won, marking a 9.0% increase compared to the same period last year.

During the same period, sales rose by 17.3% to 1.1749 trillion won. Net profit for the quarter increased by 8.8% to 138.8 billion won.

In particular, domestic business sales for the first quarter grew by 10.8% year-on-year to 678.6 billion won. The net increase in domestic rental accounts also rose by 63.0% compared to the same period last year, reaching 103,000 units. This performance is attributed to the sales boost driven by new products such as the LooLoo Double Care Bidet 2 and the Noble Air Purifier 2, as well as continued strong sales across major product lines including the Icon Water Purifier series, BEREX mattresses, and massage chairs.

Meanwhile, overseas subsidiaries recorded sales of 446.7 billion won during the same period, representing a 25.8% increase. By country, the main subsidiary in Malaysia posted 328.9 billion won, up 22.0%; the US subsidiary recorded 60 billion won, up 33.7%; and the Thailand subsidiary reported 42.9 billion won, up 43.9%, all demonstrating steady growth.

Kim Soon-tae, Coway's Chief Financial Officer (CFO), stated, "We were able to achieve solid results both domestically and globally by continuously introducing innovative, customer-centric new products and strengthening strategic marketing activities. In the second quarter, we will continue to respond swiftly to market changes, enhance the competitiveness of our products and services, and accelerate the expansion of Coway Life Solution, our new silver care business, to establish a stable foundation for growth."

Meanwhile, as part of its shareholder return policy, Coway announced on May 8 that it plans to repurchase treasury shares worth 110 billion won within this year, and will use them to enhance shareholder value, including possible cancellation in the future.