Coway which is known as “The Best Life Solution Company,” announced its financial results for the fourth quarter and fiscal year 2021.
“2021’s solid performance was made possible by our innovations in product, service, and design,” said the co-CEO of Coway, Jangwon Seo.
“This year, we’ll continue to evolve the innovations and successes we achieved last year,” he added.
Coway reported the following earnings:
- Fourth-quarter revenue: KRW 945.9 billion (+9.7% YoY)
- Fourth-quarter operating profit: KRW 139.2 billion (+7.3% YoY)
- Fourth-quarter net profit: KRW 87.4 billion (+29.6% YoY)
- Annual revenue: KRW 3,664.3 billion (+13.2% YoY)
- Annual operating profit: KRW 640.2 billion (+5.6% YoY)
- Annual net profit: KRW 465.5 billion (+15.0% YoY)
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
In FY2021, domestic environmental home appliance sales saw a consolidated revenue of KRW 2,245.3 billion (+5.5% YoY), driven by premium design home appliances like the ‘Noble Collection’ and the Icon Water Purifier. The number of accounts in Korea reached a total of 6.5 million.
Overseas subsidiaries reported KRW 1,215.1 billion revenue for the full year, up 35.6% from last year.
Leading growth drivers, the Malaysia and USA subsidiaries, grew their revenue to KRW 980.2 billion (+38.3% YoY) and KRW 169.6 billion (+11.3% YoY), respectively. In total, the number of overseas accounts has increased by 33.5% and now sits at 2.58 million.
Across both global and domestic markets, the total number of accounts now stands at 9.08 million.