Coway announced its financial results for the second quarter of 2021. The company saw revenues increase 12.4% year-over-year to total KRW 905.4 billion, the most successful quarter in the company’s history. The company’s second quarter operating profit decreased by 1.6% year-over-year to KRW 166.4 billion. Net profit also decreased for the second quarter by 2.6% year-over-year at KRW 115.8 billion.
“We achieved a solid performance thanks to the continuous launch of innovative products and the growth of overseas subsidiaries despite the challenges from the COVID-19 pandemic,” says Soon Tae Kim, Coway Chief Financial Officer. “Now, we plan to continue raising our profile in global markets and finding new ways to increase our competitiveness and business growth.”
The company’s domestic environmental home appliance category drew record sales with revenue of KRW 558.9 billion, driven primarily by new product lines like the Icon Water Purifier and Noble Air Purifier. Domestic rental sales reached 340,000 with 6.41 million accounts in Korea, and 8.66 million globally.
Overseas subsidiary revenues were up 46.7% year-over-year, reporting KRW 286 billion. Overseas accounts increased by 33.8% and total 2.25 million.