Coway South Korea’s Revenue Surges 12% to $3.03B in 2024

Coway Announces Financial Results for Q4 and FY2024

CEO Statement

Jangwon Seo, CEO of Coway, stated:

“We’re pleased to have delivered stable performance across both domestic and international markets in 2024, even amid challenging business environments.
This success was driven by our disciplined management approach and our commitment to expanding R&D. Looking ahead, as we accelerate our ‘New Coway’ strategy, we will focus on developing differentiated, innovative products and expanding our global footprint to drive sustained growth.”

Financial Highlights

Coway reported the following earnings:

Fourth-quarter revenue: KRW 1,125.7 billion (+12.1% YoY)
Fourth-quarter operating profit: KRW 183.4 billion (+10.4% YoY)
Annual revenue: KRW 4,310.1 billion (+8.7% YoY)
Annual operating profit: KRW 795.4 billion (+8.8% YoY)

These figures are based on the consolidated K-IFRS (International Financial Reporting Standards) statement.

Business Performance

Domestic Market: Coway’s domestic business recorded revenue of KRW 2,581.7 billion in 2024, an 8.8% increase from the previous year. This growth was driven by strong sales of flagship products, including water purifiers, air purifiers, and bidets, along with a surge in demand for the high-growth BEREX brand.
International Market:
- Overseas subsidiaries reported an annual revenue of KRW 1,545.2 billion (+8.0% YoY), demonstrating consistent global expansion.
- Malaysia: Achieved revenue of KRW 1,158.4 billion, a 6.6% YoY growth, continuing its position as a key market.
- United States: Recorded an annual revenue of KRW 214.2 billion, reflecting 4.4% growth compared to 2023.
- Thailand: Showed remarkable progress with a 24.3% YoY increase, reaching KRW 125.7 billion in annual revenue.

Dividend and Shareholder Program

To reward its shareholders, Coway announced a year-end cash dividend of KRW 2,630 per share, totaling KRW 189.1 billion. This represents a 93% increase from the previous year’s KRW 98.0 billion (KRW 1,350 per share).

Additionally, Coway is implementing its ‘Corporate Value-Up Program’, designed to increase the shareholder return ratio from 20% to 40% over the next three years. This strategic initiative includes higher cash dividends and treasury share cancellations to enhance shareholder value.

For more details on Coway’s financial performance, visit the company’s Investor Relations page.

Expanding Global Presence

Coway is not only strengthening its domestic market but is also aggressively expanding its presence across various international regions. The company continues to develop innovative technologies tailored to meet global consumer demands, ensuring superior product quality and performance. With a strong foothold in Korea, Coway aims to penetrate deeper into markets such as Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, capitalizing on increasing consumer demand for health-centric home appliances.

About Coway Co., Ltd.

Founded in 1989 in Korea, Coway is a globally recognized leader in environmental home appliances, dedicated to enhancing everyday life through cutting-edge innovations. The company specializes in water purifiers, air purifiers, bidets, and mattresses, catering to modern lifestyle needs with an emphasis on health and convenience.

The company’s BEREX brand is revolutionizing sleep and wellness with advanced mattresses and massage chairs, offering unparalleled comfort and relaxation solutions.

Coway’s commitment to research, engineering, and customer satisfaction has earned it numerous accolades, cementing its status as a trusted household name. With a history of producing award-winning products, Coway is devoted to maintaining the highest standards in design, technology, and user experience.

For more information, visit www.coway.com.

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