[Edaily Reporter KIM EUNG-TAE ] Life solutions company COWAY(021240)posted double-digit year-over-year revenue growth in the third quarter of this year. Operating profit reached a record high for a single quarter, demonstrating robust profitability. Analysts attribute this notable growth to the continued rise in demand for home appliances and mattress rentals, coupled with the expansion of overseas sales channels.

According to the Financial Supervisory Service on the 6th, COWAY’s consolidated revenue for the third quarter of this year was provisionally estimated at 1.4261 trillion won, a 13.7% increase compared to the same period last year. Operating profit rose 7.3% year-over-year to 260.8 billion won, marking the highest quarterly figure in the company’s history.
Domestic business revenue for the third quarter of this year reached 754.9 billion won, a 2.0% increase from the same period last year. Stable sales of key product lines—such as ice water dispensers, beds, and massage chairs—continued thanks to seasonal promotions like “Ice Festa” and “Virex Festa.” In the third quarter, domestic new rental sales volume rose 7.3% year-over-year, while net additions to rental accounts increased by 214,000 units, a 26.7% rise compared to the same period last year. New summer appliance products, such as food waste disposers and wall-mounted air conditioners, also successfully established themselves in the market, supporting the expansion of earnings.
Revenue from overseas subsidiaries in the third quarter totaled 591.8 billion won, a 26.2% increase compared to the same period last year. By major subsidiary: △Malaysia: 428 billion won (up 21.5% year-over-year) △U.S.: 83.9 billion won (45.8%) △Thailand: 57.7 billion won (38.0%) △Indonesia: 16.0 billion won (21.8%). These subsidiaries recorded broad sales growth across all product lines, strengthening the company’s global business competitiveness.
Cumulative revenue for the first three quarters of this year reached 4.1981 trillion won, and with the fourth-quarter results factored in, annual revenue is projected to exceed 5 trillion won. Cumulative operating profit for the third quarter stood at 765 billion won, indicating that annual operating profit is expected to reach 1 trillion won.
Kim Soon-tae, COWAY’s Chief Financial Officer (CFO), stated, “We have maintained a stable growth trajectory both domestically and internationally, driven by robust demand for eco-friendly appliances combined with strong sales of our new lifestyle convenience appliance product lines.” He added, “Building on the net increase in domestic rental accounts and the strong performance of our overseas subsidiaries, we will secure both revenue growth and profitability in the fourth quarter to further solidify our foundation for mid- to long-term growth.”