Coway Reports Q1 Operating Profit of 193.7 Billion KRW, Up 10% Year-on-Year

Sales Exceed 1 Trillion Won for Four Consecutive Quarters

Coway announced on the 10th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 193.7 billion KRW. This represents a 10.3% increase compared to the same period last year. Sales revenue rose by 5.6% to 1.0018 trillion KRW compared to the first quarter of last year.

Coway Birex Pebble Chair [Photo by Coway]

Domestic business sales reached 612.3 billion KRW, up 5.5% year-on-year, driven by strong sales of water purifiers and Birex brand products.

Overseas subsidiary sales amounted to 355.1 billion KRW, a 5.5% increase from the first quarter of last year. Among overseas subsidiaries, sales of the U.S. subsidiary and the Thailand subsidiary were 44.9 billion KRW and 29.8 billion KRW respectively, marking increases of 15.7% and 36.2% year-on-year.

Kim Soon-tae, Coway’s Chief Financial Officer (CFO), stated, “Coway has maintained stable performance, surpassing 1 trillion KRW in sales for four consecutive quarters. In the second quarter, we will make our best efforts to sustain stable management results by leading with innovative products such as the recently launched 2024 Icon Ice Water Purifier and the continuously growing Birex brand.”