Coway’s financial report for the third quarter of 2021 included a 16.7% increase year-over-year in total revenue, or KRW 934 billion. Operating profit for the quarter saw a slight decrease (-2.9%) year-over-year, reaching KRW 163.8 billion.
“We saw a boost in product sales and an improvement in product quality during the third quarter, and that’s reflected in the company’s solid earnings,” said Soon Tae Kim, Chief Financial Officer of Coway. “In the fourth quarter, we’ll do our best to maintain the stable growth from the launch of new innovations like the Noble water purifier series.”
Forecasts for the full-year 2021 now include estimates of KRW 2,718.4 billion, a 14.5% increase over 2020, and operating profit of KRW 501 billion, a 5.1% increase year-over-year.
Coway’s domestic environmental home appliance sales recorded KRW 556.2 billion in revenue, with Korean rental sales increasing by 330,000 to reach a total of 6.47 million.
Overseas subsidiaries reported KRW 331 billion revenue for the third quarter, a 39.2 % increase over the third quarter of 2020. Malaysia and the United States continue to drive growth with a 43.3 % increase (KRW 256.2 billion) and 11.9% increase (KRW 58 billion) in revenue respectively. Overseas accounts increased by 32.7% and now sit at 2.4 million.
Total Coway accounts, both global and domestic, increased by 760,000 in the quarter and now total 8.87 million.