Coway Co., Ltd., a leading environmental home appliances company, today reported financial results for the fourth quarter and the fiscal year 2020.
"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," said Jangwon Seo, Co-CEO of Coway. "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."
Coway reported the following earnings:
- Fourth-quarter revenue: KRW 862.6 billion (+8.6% YoY)
- Fourth-quarter operating profit: KRW 129.8 billion (+190.9% YoY)
- Fourth-quarter net profit: KRW 67.4 billion (+250.1% YoY)
- Annual revenue: KRW 3,237.4 billion (+7.2% YoY)
- Annual operating profit: KRW 606.4 billion (+32.3% YoY)
- Annual net profit: KRW 404.7 billion (+21.8% YoY)
These figures are from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The consolidated revenue for domestic environmental home appliance sales only slightly increased from KRW 2,111.2 billion to KRW 2,127.3 billion year-over-year due to the CS Doctor strike and the COVID-19 pandemic. Domestic rental sales amount to 1.35 million with 6.34 million accounts in Korea.
The growth of overseas business was a huge performance driver. Overseas subsidiaries saw solid growth of 38.4%, with annual revenue of KRW 896.1 billion. The Malaysia and USA subsidiaries were key growth drivers with an increase in total revenue despite the challenges of the COVID-19 pandemic. The total number of overseas accounts is currently 1.93 million and is forecast to reach the milestone of 2 million soon. Coway Malaysia recorded revenue of KRW 708.5 billion.
Overall, the company's total rental accounts for 2020 amount to 8.27 million, an increase of 480,000 year-over-year thanks to the successful net increase in overseas business accounts.(Unit: KRW billions) 20191Q'192Q'193Q'194Q'1920201Q'202Q'203Q'204Q'20YoYQoQRevenue3,018.9709.3755.5759.6794.63,237.4768.9805.5800.4862.68.6%7.8%Overseas Revenue647.6139.2156.6162.4189.7896.1188.1195.0239.3273.744.3%14.4%Operating Profit458.3135.2138.2140.344.6606.4138.9169.2168.6129.8190.9%-23.0%Net Profit332.2100.4101.9110.719.3404.7101.6118.9116.867.4250.1%-42.3%
For additional details about Coway's financial performance, please visit the company's Investor Relations page.
About Coway Co., Ltd.
Established in Korea in 1989, Coway is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, and China, based on the business success in Korea. For more information, please visit