Coway records sales of 3.2 trillion won in 2020
Operating income was 606.4 billion won
Coway said on Wednesday it posted sales of 3.23 trillion won and operating income of 606.4 billion won for the entire year of 2020, an increase of 7.2% and 32.3%, respectively from 2019.
In the fourth quarter, the company recorded sales of 862.6 billion won and operating income of 129.8 billion won, a rise of 8.6% and 190.9%, respectively, from the same time period a year ago.
Coway’s sales in South Korea for 2020 was 2.12 trillion won. Labor union strikes and the pandemic limited growth, the company said.
Rental sales was 1.35 million unit for the year in the country. It had 6.34 million rental accounts as of the end of the year in total in South Korea, Coway said.
Overseas sales was 896.1 billion won last year, an increase of 38.4% year-on-year. Despite the pandemic, sales in Malaysia and the US increased substantially, the company said. It had in total 1.93 million rental accounts overseas. The Malaysia business recorded sales of 708.5 billion won.
In total, Coway had 8.27 million rental accounts as of the end of 2020, it said.