Subject: ERN
Coway Announces Financial Results for Q1 FY2024
SEOUL, South Korea, May 10, 2024 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," today reported its financial results for the first quarter of 2024.
"Coway continues to maintain consistent performance with a revenue that's surpassed 1 trillion won for four consecutive quarters," said Soon Tae Kim, Coway's Chief Financial Officer. "In the upcoming second quarter, the launch of the 2024 Icon Ice Water Purifier and the continued success of the BEREX (Bed & Relax) lineup are forecasted to sustain our growth momentum."
Coway's reported earnings are as follows:
- First-quarter revenue: KRW 1,001.8 billion (+5.6% YoY)
- First-quarter operating profit: KRW 193.7 billion (+10.3% YoY)
* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement. |
Domestic business recorded a first-quarter revenue of KRW 612.3 billion, making a 5.5% year-on-year increase. This figure reflects the robust sales performance of both the BEREX lineup and water purifiers.
Coway's overseas subsidiaries reported a first-quarter revenue of KRW 355.1 billion, up 5.5% from the same period last year. Notably, the United States and Thailand were the key growth subsidiaries, achieving revenues of KRW 44.9 billion (+15.7% YoY) and KRW 29.8 billion (+36.2% YoY) respectively.
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.
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