Coway's 2021 global biz poised to earn $1 bn on brisk air purifier sales

[Photo provided by Coway Co.]

South Korea’s leading small appliance and home care rental company Coway Co. is rapidly expanding its presence beyond its home turf thanks to brisk air purifier sales.

The company is projected to generate 1.1 trillion won ($1 billion) in sales from global operations in 2021, according to Shinhan Investment Corp. on Monday. Its overseas sales figure for full 2020 was estimated at near 1 trillion won.

Including domestic business, Coway is anticipated to earn 631.2 billion won in operating income on sales of 3.2 trillion won this year, according to local financial market data tracker FnGuide. The figures are up 5 percent and 7 percent, respectively, from the estimates for 2020.

“Sales at Coway’s Malaysian operations are forecast to jump 30 percent on year to 889 billion won, which is expected to lead its overall global sales,” said Oh Kang-ho, a Shinhan Investment analyst. “The company also ranked the top air purifier brand in the U.S by The New York Times’s consumer report,” noted Oh.

The company that entered Malaysia in 2018 sells over 80,000 units of air purifiers a quarter. It used to sell 50,000 air purifiers per quarter before. It also began offering mattress care service last year in the country and already achieved 10,000 quarterly orders.

Its sales in the U.S. also more than doubled on year to 51.8 billion won in the third quarter 2020.

Coway operates globally, with offices in Malaysia, U.S. China, Thailand, Indonesia, and Vietnam.

On Tuesday, Coway shares rose 1.09 percent to 74,000 won in Seoul.

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