Coway Co., Ltd., the “Best Life Solution Company,” has released its financial results for the fourth quarter and fiscal year 2023.
"We’re proud to have achieved such a successful 2023, even in the face of significant challenges present in both domestic and international markets. Our stable performance can be credited to actively investing in product R&D, IT, marketing, and leveraging the growth of the BEREX sleep and wellness brand," stated Jangwon Seo, CEO of Coway. "This year, as we complete our transformation to become a 'New Coway' grown by innovation, and solidify Coway's position as a global leader, we will continue to release pioneering product lines while focusing on BEREX as a new growth engine."
Coway reported the following earnings:
• Fourth-quarter revenue: KRW 1,004.4 billion (+2.5% YoY)
• Fourth-quarter operating profit: KRW 166.2 billion (+1.5% YoY)
• Annual revenue: KRW 3,966.5 billion (+2.9% YoY)
• Annual operating profit: KRW 731.3 billion (+8.0% YoY)
In FY2023, strong domestic home appliance sales were primarily attributed to strong performance in core product categories like water purifiers, as well as the successful market expansion and sales growth of the BEREX brand. The factors collectively contributed to revenue of KRW 2,373.5 billion (+4.2% YoY).
In 2023, Coway's overseas subsidiaries achieved an annual revenue of KRW 1,430.7 billion, marking a 2.1% increase compared to the previous year. Notably, annual sales revenue from subsidiaries in the United States and Thailand showed remarkable growth, with a 2.8% and 27.6% increase, respectively, compared to the prior year, resulting in revenues of KRW 205.3 billion and KRW 101.1 billion.