Coway Reports 4.3% Increase in Q2 Operating Profit

Coway announced on August 7 that its consolidated revenue for the second quarter reached 1.44 trillion won, a 14.6% increase compared to the same period last year. Operating profit rose to 253.2 billion won, up 4.3% year-on-year.

For the first half of the year, Coway's cumulative revenue was 2.77 trillion won, reflecting a 13.9% increase from the previous year, while operating profit grew by 11.1% to 504.1 billion won.

In the second quarter, Coway's domestic business revenue achieved 786.8 billion won, a 7.7% growth compared to the same period last year. Strong sales growth in key product lines, including five types of ice water purifiers and the BEREX bed and massage chair, contributed to a net increase of 242,000 rental accounts, a 51.6% rise year-on-year.

Notably, the BEREX brand has entered the sleep technology market with its R-Series stretching motion bed and M-Series massage mattress. New rental categories, such as wall-mounted air conditioners, food waste disposers, and personal low-frequency stimulators, have also received positive market responses.

Coway's overseas subsidiaries reported second-quarter revenue of 587.5 billion won, a 24.2% increase from the previous year. Quarterly revenue by major subsidiaries included: Malaysia at 434.5 billion won (up 22.2% year-on-year), the United States at 66.9 billion won (up 15.2%), Thailand at 66.0 billion won (up 53.9%), and Indonesia at 13.3 billion won (up 12.2%), indicating consistent high sales growth across all product lines.

Kim Soon-tae, Coway's Chief Financial Officer, stated, "We demonstrated strong growth in the second quarter based on steady sales increases and account expansion both domestically and internationally. In the second half, we will focus on strengthening our leadership in the premium market and diversifying our product portfolio to sustain visible performance improvements."