Coway Announces Financial Results for the First Quarter of Fiscal 2024

Seoul, South Korea, May 10, 2024 /PRNewswire/ — Coway Co., Ltd., the “Best Life Solutions Company”, today released its financial results for the first quarter of 2024.

“Coway continues to maintain consistent performance with revenues that have exceeded 1 trillion won for four consecutive quarters,” said Soon Tae Kim, financial director of Coway. “In the coming second quarter, the launch of the Icon 2024 chilled water purifier and the continued success of the BEREX (Bed & Relax) range should support our growth momentum.

Coway’s reported income is as follows:

First quarter turnover: 1,001.8 billion KRW (+5.6% over one year)
First quarter operating profit: 193.7 billion KRW (+10.3% over one year)

* The published figures come from the consolidated K-IFRS (International Financial Reporting Standards) statement.

The national activity recorded a turnover in the first quarter of 612.3 billion KRW, an increase of 5.5% over one year. This figure reflects the strong commercial performance of the BEREX range and water purifiers.

Coway’s foreign subsidiaries reported sales of 355.1 billion KRW, up 5.5% compared to the same period last year. Notably, United States And Thailand were the main growth subsidiaries, achieving a turnover of 44.9 billion KRW (+15.7% over one year) and 29.8 billion KRW (+36.2% over one year) respectively.

For more details on Coway’s financial performance, please visit the company’s Investor Relations page.

About Coway Co., Ltd.

Founded in Korea in 1989, Coway, the “Best Life Solution Company”, is a leading environmental home appliance company that makes people’s lives healthy and comfortable through innovative home appliances such as water purifiers, air purifiers, bidets and mattresses. The company’s newest venture, the BEREX brand, aims to improve sleep and well-being through cutting-edge massage mattresses and chairs. Since its establishment, Coway has become a leader in the environmental home appliance industry, with intensive research, engineering, development and customer service. The company has proven its dedication to innovation with award-winning products, home health expertise, unmatched market share, customer satisfaction and brand recognition. Coway continues to innovate by diversifying its product lines and accelerating its activities abroad. MalaysiaTHE UNITED STATES, Thailand, China, Indonesia, Vietnam, JapanAnd Europe, based on commercial success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.

SOURCE Coway Co., Ltd.