Coway Announces Financial Results for Q4 and FY2023

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Feb 08, 2024, 02:00 ET

Coway's 2023 Q4 revenue reached KRW 1,004.4 billion (+2.5% YoY) with an operating profit amounted to KRW 166.2 billion (+1.5% YoY)
Annual revenue for FY2023 totaled KRW 3,966.5 billion (+2.9% YoY) with an operating profit of KRW 731.3 billion (+8.0% YoY)
Coway plans to foster sleep & wellness brand BEREX as a growth engine and competitive force in the global market

SEOUL, South Korea, Feb. 8, 2024 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," has released its financial results for the fourth quarter and fiscal year 2023.

"We're proud to have achieved such a successful 2023, even in the face of significant challenges present in both domestic and international markets. Our stable performance can be credited to actively investing in product R&D, IT, marketing, and leveraging the growth of the BEREX sleep and wellness brand," stated Jangwon Seo, CEO of Coway. "This year, as we complete our transformation to become a 'New Coway' grown by innovation, and solidify Coway's position as a global leader, we will continue to release pioneering product lines while focusing on BEREX as a new growth engine."

Coway reported the following earnings:

Fourth-quarter revenue: KRW 1,004.4 billion (+2.5% YoY)
Fourth-quarter operating profit: KRW 166.2 billion (+1.5% YoY)
Annual revenue: KRW 3,966.5 billion (+2.9% YoY)
Annual operating profit: KRW 731.3 billion (+8.0% YoY)

*The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.

In FY2023, strong domestic home appliance sales were primarily attributed to strong performance in core product categories like water purifiers, as well as the successful market expansion and sales growth of the BEREX brand. The factors collectively contributed to revenue of KRW 2,373.5 billion (+4.2% YoY).

In 2023, Coway's overseas subsidiaries achieved an annual revenue of KRW 1,430.7 billion, marking a 2.1% increase compared to the previous year. Notably, annual revenue from subsidiaries in the United States and Thailand showed remarkable growth, with a 2.8% and 27.6% increase, respectively, compared to the prior year, resulting in revenues of KRW 205.3 billion and KRW 101.1 billion.

For additional details about Coway's financial performance, please visit the company's Investor Relations page.

About Coway Co., Ltd.

Established in Korea in 1989, Coway, the "Best Life Solution Company," is a leading environmental home appliances company making people's lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. The company's most recent venture, the BEREX brand, aims to improve sleep and wellness through cutting-edge mattresses and massage chairs. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.

SOURCE Coway Co., Ltd.