New Milestones And Partnerships Will Put CUCKOO International On Investors' Radar
CUCKOO International (MAL) Sdn Bhd will be on investors' radar thanks to new milestones, achievements, and a new strategic partnership with one of the top homegrown air-conditioning manufacturers, Fujiaire Global Sdn Bhd.
(From Left to Right) CUCKOO International (Malaysia) Sdn Bhd chief revenue officer Mak Wai Hoong and founder & CEO Hoe Kian Choon, and Fujiaire Global Sdn Bhd managing director Wong See Wei and director Tan Boon Eng at the Memorandum of Agreement signing ceremony.
According to a report by the New Straits Times (NST) today, CUCKOO International is also planning to invest around RM100 million to build a new factory in Selangor.
The investment includes land acquisition and building construction.
According to the NST report, the factory will produce home appliances for Southeast Asian markets, including Malaysia.
CUCKOO International signed a Memorandum of Agreement (MoA) with Fujiaire Global earlier today (Thursday, March 31), and will introduce the new CUCKOO Vita-S Inverter Smart Air Conditioner for healthy living.
CUCKOO International founder & CEO, Hoe Kian Choon, and Fujiaire Global Sdn Bhd managing director, Wong See Wei unveiled the CUCKOO Vita-S Inverter Smart Air Conditioner that aims to create a cooling indoor air environment and promote healthier living.
According to Hoe Kian Choon, founder, and CEO of CUCKOO International, this strategic partnership will see both parties leveraging each other's expertise in the development of the air-conditioning system.
By infusing Vitamin C into the air to moisturise the skin and boost immunity, this new air-conditioning system is set to make Malaysian homes cooler and healthier. It will also release silver ions into the air, which at low concentrations will destroy bacterial cell membranes.
Under CUCKOO International's Healthy Living pillar, it is expected to generate over RM40.7 million in revenue next year and provide cleaner and cooler air to over 66,000 Malaysians.
"We are excited about this strategic partnership with Fujiaire because it will allow both companies to continue innovating and providing cutting-edge technology that will improve Malaysians' quality of life," Hoe said.
CUCKOO International is known for introducing Malaysians to the well-known South Korean Home Appliance brand.
The company's journey began in 2014, and it has since diversified and grown to become a Healthy Home Creator that uses Beyond Standards products and services to improve people's quality of life.
Healthy Appliances, Healthy Living, Healthy Lifestyle, and Healthy Home Care are the four strategic pillars that support CUCKOO International's business.
The ‘Healthy Appliances’ Pillar [CUCKOO] – CUCKOO’s range of water purifiers, outdoor water filters, air purifiers, pressure multi-cooker, induction hobs, and kitchenware.
The ‘Healthy Living’ Pillar [CUCKOO Co-Creations] – CUCKOO’s growing category of locally developed home living products, co-created through strategic collaborations.
The ‘Healthy Lifestyle’ Pillar [WonderLab Group] – WonderLab Group brings a holistic approach to beauty and wellness with a wide range of skincare, cosmetics, and nutritional beverages under sub-brands like WonderLab, WonderDewi, and BeauSiti x WonderLab.
The ‘Healthy Home Care Pillar’ [WonderKlean] – WonderKlean offers comprehensive specialist services, including indoor disinfection, and cleaning services for washing machines, kitchen appliances, mattresses, and air-conditioners.
Each pillar, according to Hoe, focuses on different aspects of creating a healthier home through a wide range of products and services.
He went on to say that CUCKOO International's innovative Healthy Home solutions have helped more than 4.7 million household users live healthier and happier lives.
In Malaysia, the company has a nationwide presence with over 640 branches and 14,000 CUCKOO family members, including sales professionals and service specialists.
'We are driven to make healthier homes and happier lives accessible and affordable to more Malaysians through our revolutionary subscription-rental based model. This demonstrates our commitment to making a positive difference in society through long-term community outreach programmes," he said.
Hoe is upbeat about the year ahead, citing a better environment for healthy living and partnerships that will take healthy living to new heights.
He also said that solid business strategies are in place to develop more healthy home solutions to help Malaysians live healthier and happier lives.
(from left to right) CUCKOO International Chief Marketing Officer Queenie Goh, CUCKOO International Chief Financial Officer Bryan Yeong, CUCKOO International Founder, and CEO Hoe Kian Choon, CUCKOO International Chief Customer Officer Toh Seng Lee, and CUCKOO International Chief Revenue Officer Mak Wai Hoong, celebrating the company's milestones and achievement in the financial year 2021.
CUCKOO International achieved RM185.5 million in profit after tax (PAT) in the financial year ending December 31, 2022, delivering its seventh consecutive year of topline growth amidst a challenging market backdrop, with a 44 percent year-over-year increase from 2020.
The company's revenue for 2021 was RM1.13 billion, which rose 8 per cent year-on-year.
Hoe said the strong end of the year, which included record-setting revenue growth, is propelled by the strong demand of Malaysians wanting a healthier lifestyle.
To meet this demand, CUCKOO International developed various subscription plans under the GOOODPLANTM to provide customers with a variety of affordable payment options that enabled a low barrier to entry.
According to Hoe, more than 90 per cent of the company's customers subscribed to rental-based services, which has further accelerated its business momentum and growth across the country.
“Our solid financial achievements in the past year are a testament to our unwavering commitment to delivering sustainable growth at scale with continued momentum across each business pillar. Moreover, the introduction of various innovative healthy home solutions at the peak of the pandemic, had showcased the company’s remarkable resilience and its ability to understand customers’ demand for healthier living during these unprecedented times,” said Hoe.