Kyungdong Navien, Industry's First Recipient of the '500 Million Dollar Export Tower' Award

Kim Jong-wook, CEO of Kyungdong Navien, is posing for a commemorative photo after receiving an award. Photo by Kyungdong Navien

[Asia Economy Reporter Kim Jong-hwa] Kyungdong Navien has reaffirmed its status as a global brand. On the 5th, Kyungdong Navien announced that it received the Export Tower Award for $500 million in exports for the first time in the industry at the Trade Day event held at COEX.

Kyungdong Navien, which recorded sales of 1.1029 trillion KRW last year and became the first in the industry to surpass 1 trillion KRW in sales, is leading the domestic and international boiler and water heater markets. In particular, it accounts for more than 88% of domestic gas boiler and water heater exports, driving the export industrialization of boilers, which were considered domestic products. Additionally, the overseas sales ratio has exceeded 50% for five years since 2017, and last year, 64.14% of sales were recorded in overseas markets, showing strong love from global customers.

Kyungdong Navien continues to perform well in the global market this year as well. Sales reached 823.6 billion KRW through the third quarter, marking an 11% growth compared to the previous year. In the global market, sales reached 577.9 billion KRW, showing about a 16% growth compared to the same period last year, and the proportion of total sales also increased to 70%. This year, Kyungdong Navien accelerated market penetration by launching condensing boilers in the UK with the same concept as the newly released water heaters in Korea. It newly established subsidiaries in Canada, Mexico, and Uzbekistan, and is actively pursuing tailored strategies for each market to engage with customers in more diverse countries.

Kim Yong-beom, Chief Sales and Marketing Officer of Kyungdong Navien, said, "Starting with boilers and water heaters, essential home appliances in our daily lives, Kyungdong Navien strives to provide comfort to global customers," adding, "We will continue to offer a wider variety of products with perfect quality to customers and do our best to advance as a home environment appliance company."