Coway Announces Financial Results for Q3 FY2024

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Nov 08, 2024, 03:43 ET

SEOUL, South Korea, Nov. 8, 2024 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," has announced its financial results for the third quarter of 2024.

"We continue to secure new customers, having seen our rental accounts exceed 10 million by merit of strong sales growth both domestically and internationally, and are also maintaining stable contract retention," said Soon Tae Kim, Coway's Chief Financial Officer. "For the remainder of this year and beyond, we will continue to prioritize research and development that drives product innovation and digitalization, and will also strive to maintain our robust performance growth."

Coway's reported earnings are as follows:

Third quarter revenue: KRW 1,100.3 billion (+9.2% YoY)
Third quarter operating profit: KRW 207.1 billion (+6.0% YoY)

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

Cumulative revenue for 2024 now stands at KRW 3,184.4 billion (+7.5% YoY) with an operating profit of KRW 612.0 billion (+8.3% YoY).

In South Korea, domestic business generated KRW 660.8 billion in revenue for the third quarter, up 9.9% from last year. This increase has been attributed to steady sales of the 'Icon Ice Water Purifier' during the summer months, as well as the ongoing popularity of the BEREX lineup of mattresses and massage chairs. The net increase in domestic rental accounts during the third quarter, totaling 102,000 accounts, more than doubled compared to the same period last year. Furthermore, the cumulative net increase for the first three quarters of this year amounts to 245,000 accounts, a figure that has already surpassed last year's total net increase of 193,000 accounts.

Coway's overseas subsidiaries also showcased strong growth in the third quarter, with a revenue report of KRW 391.5 billion, a 7.8% year-on-year increase. Of note among these were the Malaysia subsidiary, which achieved a revenue of KRW 293.4 billion with an 8.8% year-on-year increase, and the Thailand subsidiary, which continued to expand its growth trajectory with revenue of KRW 32.5 billion and an 8.9% year-on-year increase.

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://www.coway.com/ or http://newsroom.coway.com.