Coway achieves record sales of W3.2tr in 2020

Coway achieved its highest annual sales of 3.2 trillion won in 2020, largely backed by the growth in overseas purchases, the Korean home appliances rental company said Thursday.

Last year, Coway said its annual sales increased by 7.2 percent, when compared to the year earlier, thanks to its thriving overseas business. The operating profit and net profit stood at 606.4 billion won and 404.7 billion won, jumping 32.3 percent and 21.8 percent on-year, respectively.

“Amidst internal and external uncertainties, such as the CS Doctor strike and COVID-19 pandemic, Coway has successfully maintained a firm growth through innovative product launches and overseas business expansion,” Seo Jang-won, the co-Chief Executive Officer of Coway said, referring to the strike by its installation engineers in July and August 2020.

“Coway looks forward to expanding the synergy between Coway and Netmarble, the holding company, and plans to focus on securing key drivers for future business growth in 2021.”

In the fourth quarter of 2020, the company posted sales of 862.6 billion won, and the operating profit was 129.8 billion won, surging 190.9 percent. The net profit was 67.4 billion won, up 250.1 percent on-year, Coway added.

The company, with its main business on home appliances rentals, including water purifiers, bidets and mattresses, said that while domestic sales had only seen a slight increase, its overseas subsidiaries had been the main driver for the sales boost.

According to the company, its overseas subsidiaries saw its annual sales grow by 38.4 percent on-year to record 896.1 billion won in 2020. The Malaysia and US subsidiaries played the key roles, Coway said.

By Jo He-rim (herim@heraldcorp.com)