Coway Announces Financial Results for Q3 FY2023

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08 Nov, 2023, 10:51 GMT

SEOUL, South Korea, Nov. 8, 2023 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," today reported financial results for the third quarter of 2023.

This image opens in the lightbox — Coway Financial Results

"We're delighted to report another stable quarter, thanks in part to the expansion of our successful sleep and wellness brand, BEREX, as well as our strategic investments in R&D, IT, and marketing," commented Soon Tae Kim, Chief Financial Officer of Coway. "Looking ahead to the rest of the year and beyond, we remain focused on enhancing the competitiveness of our products and services. We're dedicated to ensuring BEREX continues playing a pivotal role in our future growth."

Coway's reported earnings are as follows:

Third-quarter revenue: KRW 1,007.7 billion (+3.9% YoY)
Third-quarter operating profit: KRW 195.3 billion (+18.3% YoY)
* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.

Cumulative revenue for 2023 has reached KRW 2,962.1 billion (+3% YoY) with an operating profit of KRW 565.1 billion (+10.0% YoY).

Domestic health appliances sales revenue increased to KRW 601.1 billion, marking a growth of 5.2% compared to the previous year. This boost can be primarily credited to an increase in product sales across various categories, including water purifiers, air purifiers, and the sleep and wellness line BEREX.

The total revenue of overseas subsidiaries reached KRW 363.1 billion, showing a 2.3% year-on-year increase. Coway's subsidiaries in the USA and Thailand achieved revenues of KRW 53.2 billion (+4.9% YoY) and KRW 29.9 billion (+57.0% YoY), respectively. The Thailand subsidiary not only continued to grow steadily but also achieved a remarkable milestone by recording its first-ever positive quarterly operating profit.

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.