Coway Fourth Quarter Revenue Rises 2.5 Percent to 1.004 Trillion Won

SEOUL, South Korea -- February 8, 2024

Coway Co., Ltd. reported fourth quarter 2023 revenue of 1,004.4 billion won, up 2.5 percent from a year earlier, with operating profit of 166.2 billion won, up 1.5 percent.

For the full year 2023, revenue totaled 3,966.5 billion won, up 2.9 percent, and operating profit rose 8.0 percent to 731.3 billion won.

Domestic revenue rose 4.2 percent to 2,373.5 billion won, which the company credited to core categories such as water purifiers and to growth of its BEREX sleep and wellness brand. Overseas subsidiaries generated 1,430.7 billion won, up 2.1 percent. Revenue from the U.S. subsidiary rose 2.8 percent to 205.3 billion won and revenue in Thailand grew 27.6 percent to 101.1 billion won.

"We're proud to have achieved such a successful 2023, even in the face of significant challenges present in both domestic and international markets," said Chief Executive Jangwon Seo. He said the company would keep releasing new product lines while focusing on BEREX as a new growth engine.

Coway sells water purifiers, air purifiers, bidets, mattresses and other home appliances, largely on a rental basis, through a sales force of home care specialists.