Coupang's logistics center in Bucheon, Gyeonggi Province / Korea Times file

By Kim Jae-heun

Coupang saw its operating loss set a new record high of 1.8 trillion won ($1.49 billion) last year, nearly tripling its 622 billion won loss in 2020, as it increased spending to build warehouses and expand recruitment, the company said Thursday.

But sales rose to a record high of 22 trillion won, surpassing the 18 trillion won of E-mart, the country's largest retail store chain.

The company said it increased spending to expand its food delivery service, launch its new over-the-top platform and hire more warehouse workers.

Coupang's logistics center in Icheon, Gyeonggi Province, suffered a fire last June, leading to an unexpected loss of 341.3 billion won in recovery.

"We spent $130 million in investing in our new businesses as well as disinfecting our facilities against COVID-19 last year. We also established 15 square kilometers of logistics infrastructure last year," a Coupang official said.

Coupang's worker delivers parcels in Seoul on Aug. 14, 2021. Korea Times file

The online retailer posted a 21 percent increase in the number of customers who have made at least one purchase through Coupang, in the fourth quarter of 2021. The figure soared to 17.94 million annually from 14.85 million. Customers also spent more money, averaging 340,000 won per person in the same period, which is up by 11 percent compared to the year before.

The number of Coupang's paid members reached 9 million as of last December.

"Our revenue tripled compared to two years ago and this shows Coupang still has potential for growth. We have proven our service convenience with our overnight delivery system and easy refund policy. Coupang will continue to provide shopping experiences that people cannot live without," the company official said.