Coway Reports Operating Profit of 731.3 Billion KRW Last Year, Up 8% YoY

Sales of 3.9665 trillion KRW... 2.9% increase YoY
"Birex successfully settles in the market"

Coway continued stable growth domestically and internationally last year.

On the 8th, Coway announced that it recorded sales of 3.9665 trillion KRW and an operating profit of 731.3 billion KRW in 2023. These figures represent increases of 2.9% and 8%, respectively, compared to the previous year.

In the fourth quarter of last year, sales reached 1.0044 trillion KRW, up 2.5% from the same period the previous year. Operating profit was 166.2 billion KRW, a 1.5% increase year-on-year.

The domestic environmental home appliance business recorded sales of 2.3735 trillion KRW, up 4.2% from the previous year, driven by strong sales of key product lines such as water purifiers and the successful market establishment and sales growth of the Birex brand.

Coway’s overseas subsidiaries posted sales of 1.4307 trillion KRW, a 2.1% increase compared to the previous year. Among overseas subsidiaries, the annual sales of the U.S. and Thailand subsidiaries were 205.3 billion KRW and 101.1 billion KRW, respectively, marking increases of 2.8% and 27.6% year-on-year.

Seojangwon, CEO of Coway, stated, “Despite challenging domestic and international conditions last year, the company achieved stable business performance by actively investing in product R&D, IT, and marketing, leveraging the growth of the Birex brand as a foundation.” He added, “This year, to complete the ‘New Coway growing through innovation,’ we will continue to launch innovative product lines that lead trends and focus more on Birex, our new growth engine, to solidify our position as a global Coway.”

This content was produced with the assistance of AI translation services.