Coway Announces Financial Results for Q2 FY2024

Coway Announces Financial Results for Q2 FY2024

SEOUL, South Korea, August 9, 2024 – Today, Coway Co., Ltd., the “Best Life Solution Company,” announced its financial results for the second quarter of 2024.


“Coway achieved both external expansion and profitability driven by strong sales of our key product lines like the ice water purifiers and BEREX lineup,” said Soon Tae Kim, Coway’s Chief Financial Officer. "In the second half of the year, we aim to strengthen our market leadership through technological and design innovations, ensuring continued growth.”


Coway’s reported earnings are as follows:

 

- Second quarter revenue: KRW 1,082.3 billion (+7.6% YoY)

- Second quarter operating profit: KRW 211.2 billion (+8.8% YoY)

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


Cumulative revenue for 2024 now stands at KRW 2,084.1 billion (+6.6% YoY) with an operating profit of KRW 404.9 billion (+9.5% YoY).


In South Korea, domestic business generated KRW 655.7 billion in revenue for the second quarter, making an 11.1% increase compared to the previous year. This growth is primarily attributed to the solid rental sales of both the BEREX’s lineup of mattresses and massage chairs and the ‘Icon Ice Water Purifier’.


Coway’s overseas subsidiaries maintained a strong growth trajectory with a revenue of KRW 382.2 billion in the second quarter, with the Malaysia subsidiary contributing KRW 286.9 billion and the Thailand subsidiary attaining KRW 28.7 billion.


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.


Sumin Park | Assistant Manager at Coway PR HQ | sumin.park@coway.com | 82-10-6816-0249

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  1. Coway air purifiers have been proven to trap dust, pollen, dander, viruses and bacteria in the air based on KCL (Korea Conformity Laboratories) testing. They have been tested in a 30m³ chamber according to the Korea Air Cleaning Association standard (SPS-KACA 002-132:2018 Modified) to measure the 0.01μm particle removal rate. These have been tested on maximum fan speed in normal room temperature and humidity conditions. The performance may vary in the actual living environment of customers. Applied to all products except the humidifying air purifier Hue & Healing.

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Mishel Yoo

mishel.yoo@eu.coway.com

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