Coway
November 8, 2023
SEOUL, South Korea, November 8, 2023 --
Coway Co., Ltd. reported third-quarter 2023 consolidated revenue of 1,007.7 billion won, up 3.9 percent from a year earlier, and operating profit of 195.3 billion won, up 18.3 percent. Revenue for the first nine months reached 2,962.1 billion won, up 3 percent, with operating profit of 565.1 billion won, up 10.0 percent.
Domestic health-appliance sales rose 5.2 percent to 601.1 billion won on higher sales of water purifiers, air purifiers and BEREX sleep and wellness products. Revenue at overseas subsidiaries rose 2.3 percent to 363.1 billion won; the U.S. unit grew 4.9 percent to 53.2 billion won and the Thailand unit grew 57.0 percent to 29.9 billion won and posted its first positive quarterly operating profit.
Chief Financial Officer Soon Tae Kim said the company would keep focusing on product competitiveness, with BEREX expected to play a pivotal role in future growth. Coway sells and rents home appliances largely through in-home sales and service representatives.