Coway Co., Ltd., self-described as the “Best Life Solution Company,” has once again demonstrated its robust financial health in the first quarter of 2024. Reporting a continued streak of success, Coway has surpassed 1 trillion won in revenue for the fourth consecutive quarter, a testament to its consistent market performance and strategic product innovations.
Soon Tae Kim, Coway’s Chief Financial Officer, highlighted the consistent growth, attributing it to both longstanding and newly introduced product lines. The company recorded a revenue of KRW 1,001.8 billion, marking a 5.6% increase year-over-year, and an operating profit of KRW 193.7 billion, up 10.3% from the previous year.
The domestic sector of Coway’s business showed a solid performance with revenues reaching KRW 612.3 billion, a 5.5% increase compared to the same period last year. This growth is primarily driven by strong sales in the BEREX (Bed & Relax) product lineup and water purifiers.
Internationally, Coway is making significant strides, particularly in the United States and Thailand, where revenues soared to KRW 44.9 billion and KRW 29.8 billion respectively, demonstrating increases of 15.7% and 36.2% year-over-year. These figures underscore Coway’s effective expansion strategy and its ability to capture and grow in foreign markets.
Looking ahead, Coway is optimistic about maintaining its growth trajectory through the upcoming launch of the 2024 Icon Ice Water Purifier and continued success in its existing product ranges. This strategy not only reinforces Coway’s market position but also aligns with its mission to provide innovative lifestyle solutions globally.
