Coway Reports Q4 and FY2020 Financial Results

• In 2020, Coway reported annual revenue of KRW 3,237.4 billion, +7.2% YoY, and Q4 revenue of KRW 862.6 billion, +8.6% YoY.
• The company saw strong growth, despite the pandemic, due to the expansion of overseas subsidiaries.
• Domestically, environmental home appliances sales only saw a slight increase as a result of CS Doctor strike and the COVID-19.

SEOUL, South Korea, Feb. 18, 2021 /PRNewswire/ -- 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.

For additional details about Coway's financial performance, please visit the company's Investor Relations page.