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Coway Malaysia upbeat on triple-digit growth

posted Apr 26, 2011, 8:02 AM by Coway Malaysia   [ updated Jul 15, 2012, 6:09 AM ]

Business Times 1 April 2011

SOUTH Korean home-wellness appliances maker Woongjin Coway (Malaysia) Sdn Bhd is banking on product awareness to drive a triple-digit growth in its customer base and sales this year.

Managing director James Park said for this year, the company's customers and sales are projected to double to 100,000 customers and RM80 million respectively.

Coway Malaysia, which has plans to float its shares on Bursa Malaysia by 2014, aims to be a market leader by next year.

"We have been in the Malaysian market for five years, while our competitors have been here for 15-20 years.

"(But) we sell 5,000 units of products every month, which already make us the number one in the market," he told a news conference after the signing of sponsorship agreement with Malaysia Airports Holdings Bhd (MAHB) for Coway Clean Air Zone Campaign at Kuala Lumpur International Airport (KLIA) in Sepang yesterday.

The signing ceremony was witnessed by the Health Ministry's director of disease control unit Dr Lokman Hakim Sulaiman. Coway Malaysia was represented by Park and MAHB by its managing director, Tan Sri Bashir Ahmad.

KLIA is the first partner under the campaign, in which Coway Malaysia sponsors 30 air purifiers that cost about RM120,000. The company plans to install more air purifiers at the KLIA, and later at other major international airports in the country.

Coway Malaysia, which has so far invested some RM100 million in the country, has earmarked another RM10 million for advertising and promotion this year.