Coway Reports Record-High Operating Profit of 504.1 Billion Won in First Half of Year

*This content was translated by AI.

Coway recorded strong results for the first half of this year.

On the 7th, Coway announced that its consolidated revenue for the second quarter reached 1.4422 trillion won, with an operating profit of 253.2 billion won. Compared to the same period last year, revenue increased by 14.6%, and operating profit rose by 4.3%. For the first half of the year, cumulative revenue grew by 13.9% year-on-year to 2.7719 trillion won, while operating profit increased by 11.1% to 504.1 billion won. The strong performance is attributed to stable growth in domestic operations and the expansion of overseas subsidiaries.

Looking at business segments, domestic revenue rose by 7.7% year-on-year to 786.8 billion won. According to the company, this was driven by steady sales increases across key products such as five models of ice water purifiers and beds and massage chairs from the sleep and healing care brand 'BEREX'.

The company also noted that its competitiveness in the rental market has expanded. In fact, the net increase in domestic rental accounts during the second quarter reached 242,000 units, a 51.6% rise compared to the same period last year.

In particular, new products and newly introduced rental categories under the BEREX brand generated positive market responses, boosting performance. Among BEREX's lineup, demand concentrated on the 'R-Series Stretching Motion Bed' and 'M-Series Massage Mattress Bed'. Additionally, Coway’s newly launched rental categories—including wall-mounted air conditioners, food waste disposals, and personal low-frequency stimulators—gained consumer favor.

In overseas subsidiaries, double-digit growth rates were achieved in major markets. Coway's overseas revenue for the second quarter reached 587.5 billion won, a 24.2% increase from the same period last year.

Revenue from Coway’s key overseas hub, Malaysia, rose by 22.2% year-on-year to 434.5 billion won in the second quarter. The U.S. subsidiary also reported a 15.2% increase, reaching 66.9 billion won in revenue. Notably, Thailand's subsidiary recorded a 53.9% surge year-on-year to 66 billion won. Indonesia’s subsidiary posted revenue of 13.3 billion won, up 12.2% from the same period last year.

Coway plans to solidify its market leadership with premium product lines in the second half of the year and continue its strong performance trend.

Kim Soon-tae, Coway’s CFO (Chief Financial Officer), stated, “We demonstrated robust growth potential in the second quarter based on consistent sales increases and account expansion both domestically and internationally.” He added, “In the second half, we will fully accelerate efforts to strengthen our leadership in the premium market and expand growth drivers through diversification of our product portfolio, striving to maintain our strong performance trajectory.”

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*This content was translated by AI.