Coway Announces Financial Results for Q2 FY2024

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09 Aug, 2024, 11:01 GMT

SEOUL, South Korea, Aug. 9, 2024 /PRNewswire/ -- Today, Coway Co., Ltd., the "Best Life Solution Company," announced its financial results for the second quarter of 2024.

"Coway achieved both external expansion and profitability driven by strong sales of our key product lines like the ice water purifiers and BEREX lineup," said Soon Tae Kim, Coway's Chief Financial Officer. "In the second half of the year, we aim to strengthen our market leadership through technological and design innovations, ensuring continued growth."

This image opens in the lightbox — Coway Financial Results

Coway's reported earnings are as follows:

Second quarter revenue: KRW 1,082.3 billion (+7.6% YoY)
Second quarter operating profit: KRW 211.2 billion (+8.8% YoY)

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

Cumulative revenue for 2024 now stands at KRW 2,084.1 billion (+6.6% YoY) with an operating profit of KRW 404.9 billion (+9.5% YoY).

In South Korea, domestic business generated KRW 655.7 billion in revenue for the second quarter, making an 11.1% increase compared to the previous year. This growth is primarily attributed to the solid rental sales of both BEREX's lineup of mattresses and massage chairs and the 'Icon Ice Water Purifier'.

Coway's overseas subsidiaries maintained a strong growth trajectory with revenue of KRW 382.2 billion in the second quarter, with the Malaysia subsidiary contributing KRW 286.9 billion and the Thailand subsidiary attaining KRW 28.7 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, USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://coway.com/ or http://newsroom.coway.com.