[Alpha Biz=(Chicago) Reporter Paul Lee] Coway, the best life solution company, continues to grow with R&D (Research and Development) investment.

Coway said on the 24th that it surpassed 1 trillion won in sales for the first time in the quarter on the back of stable growth at home and abroad, achieving its biggest semi-annual performance ever. Coway recorded sales of 1.62 trillion won and operating profit of 194.2 billion won in the second quarter (April-June). Sales and operating profit rose 2.9% and 10.3% year-on-year.

As of the first half of this year, the total number of domestic and foreign accounts exceeded 10 million.

Coway's growth seems to be due to its strategy to significantly expand investment in R&D and focus on strengthening technological competitiveness.

Last year, Coway's R&D costs rose about 11% year-on-year to 53.5 billion won, the largest ever. The amount of R&D investment worth more than 50 billion won a year is usually high, considering that the R&D cost of the environmental home appliance industry is about 20 billion won.

Coway's R&D investment has increased in particular since its acquisition of Netmarble in 2020. Compared to before the acquisition of Netmarble, R&D costs increased by about 42% from about 38 billion won in 2019. It has been expanding by more than 10% on average every year. R&D investment costs in the first half of this year are also expected to reach 27 billion won, which is expected to continue to expand investment in research and development this year.

 

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