Coway Sees 16% Jump in Q2 Sales, 15% Rise in Operating Profit

Sales Reach 1.25 Trillion Won, Operating Profit Hits 240 Billion Won
Balanced Growth Maintained Both Domestically and Internationally
Strengthened Lineup Strategy with New Products Proves Effective

Coway announced on August 8 that its consolidated sales for the second quarter of this year reached 1.2589 trillion won, a 16.3% increase compared to the same period last year. Operating profit was 242.7 billion won, up 14.9% year-on-year.

As a result, Coway's cumulative sales for the first half of this year amounted to 2.4338 trillion won, a 16.8% increase compared to the same period last year, while operating profit rose 12.1% to 454 billion won.

In the second quarter, Coway's domestic business sales grew 11.4% year-on-year to 730.3 billion won. This was driven by the strengthening of its product lineup, including the consecutive launches of four water purifier models such as Icon Pro and two dehumidifiers such as the Noble Dehumidifying Air Purifier, as well as solid sales growth across major product categories. The net increase in domestic rental accounts in the second quarter was 160,000 units.

Sales from Coway's overseas subsidiaries in the second quarter reached 472.8 billion won, a 23.7% increase year-on-year. Sales at the main subsidiary in Malaysia rose 23.9% year-on-year to 355.5 billion won. The U.S. subsidiary recorded 58.1 billion won in sales, a 1.0% increase year-on-year, while the Thailand subsidiary achieved 42.9 billion won in sales, a 49.5% increase compared to the same period last year, continuing its steady growth.

Kim Soontae, Coway CFO, stated, "Our ongoing investments in key areas such as R&D, marketing, and digital transformation have begun to yield visible results, enabling us to sustain double-digit high growth both domestically and internationally." He added, "In the second half of the year, we will further solidify our overwhelming market leadership by achieving strong sales performance, led by ice water purifiers and BEREX beds and massage chairs."