Choi (left) and head of marketing Ryan Jung Tae Seung pose for a photo after announcing the company’s financial results for 2016 yesterday.
KUALA LUMPUR: South Korea’s home appliances manufacturer, Coway (M) Sdn Bhd, aims to post revenue of RM700 million next year, buoyed by three new products to be launched from its air and water purifiers segment.
Managing director Kyle Choi Ki Ryong said as for 2016, the company was closing the year on positive momentum with revenue of more than RM500 million to date.
“Hence, we are looking at better sales next year and also targeting to sell 290,000 units of water purifiers nationwide, against the 211,000 so far,” he told a media briefing after announcing the company’s financial results for 2016 yesterday.
Overall, the Korean company will introduce three products in 2017 with two to be launched in the first quarter.
Asked about the domestic retail market, Choi said the ringgit’s depreciation had affected business, especially as Coway’s products are manufactured in Korea.
“We will establish a plant here.But, the plan will only materialise after two years, as it is still under consideration.
We have had personnel from our headquarters to review operations in Malaysia, as well as the benefits of setting up a plant in the country,” he added.
Coway, with a market share of 32 per cent, has increased its customer base by more than 50 per cent from last year.It expects to reach 600,000 customers in 2017, from the current 400,000.
“We are looking at a customer base of one million in less than two years’ time, following the strategy of adding more sales and service agents, as well as aggressive campaigns,” Choi said. — Bernama