Coway Co., Ltd., the “Best Life Solution Company,” today reported financial results for the third quarter of 2023.
"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 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.
