Coway Co., Ltd. reported third-quarter revenue of KRW 1,426.1 billion, a 13.7% year-over-year increase, alongside operating profit of KRW 260.8 billion, up 7.3% from the prior year. The figures are taken from the consolidated K-IFRS statement.
"On top of strong demand for our environmental home appliances, the robust sales of our new product categories have enabled us to maintain a stable growth trajectory in both domestic and overseas markets,“ said Soontae Kim, Coway's Chief Financial Officer. ”By leveraging the ongoing net growth of our domestic rental accounts as well as the rapid progress of our overseas subsidiaries, we are set to secure both the top-line expansion and the overall profitability that will serve as the foundation for solidifying our mid-to-long-term growth."
Domestic Performance
New rental sales volume grew 7.3% year-over-year, while net rental account additions rose 26.7% to 214,000. Coway also pointed to the market debut of its summertime appliances, including food waste disposers and wall-mounted air conditioners, as a contributor to the quarter's performance.
Overseas Subsidiaries
Overseas subsidiaries generated total revenue of KRW 591.8 billion, a 26.2% increase year-over-year. Coway said its subsidiaries in key global markets showed sales growth across all product categories.
KRW 428.0 billion (+21.5% YoY)
KRW 83.9 billion (+45.8% YoY)
KRW 57.7 billion (+38.0% YoY)
KRW 16.0 billion (+21.8% YoY)
Company Background
Established in Korea in 1989, Coway (KRX: 021240) describes itself as the “Best Life Solution Company,” a global innovator focused on environmental home appliances and premium wellness solutions. Its product lines include water purifiers, air purifiers and bidets, and it has expanded its premium sleep and wellness brand, BEREX, into smart mattresses and massage chairs.
The company says it operates across major markets including Malaysia, the USA, Thailand, China, Indonesia, Vietnam and Europe.
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