Coway Announces Financial Results for Q4 and FY2024
- Coway's 2024 Q4 revenue reached KRW 1,125.7 billion (+12.1% YoY) with an operating profit amounted to KRW 183.4 billion (+10.4% YoY)
- The company's FY2024 annual revenue totaled KRW 4,310.1 billion (+8.7% YoY) with an operating profit of KRW 795.4 billion (+8.8% YoY)
- Coway plans to drive steady growth in 2025 by accelerating its 'New Coway' strategy
SEOUL, South Korea, Feb. 14, 2025 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," has released its financial results for the fourth quarter and fiscal year 2024.
"We're pleased to have delivered stable performance across both domestic and international markets in 2024, even amid challenging business environments," stated Jangwon Seo, CEO of Coway. "This success was driven by our disciplined management approach and our commitment to expanding R&D. Looking ahead, as we accelerate our 'New Coway' strategy, we will focus on developing differentiated, innovative products and expanding our global footprint to drive sustained growth."
Coway reported the following earnings:
- Fourth-quarter revenue: KRW 1,125.7 billion (+12.1% YoY)
- Fourth-quarter operating profit: KRW 183.4 billion (+10.4% YoY)
- Annual revenue: KRW 4,310.1 billion (+8.7% YoY)
- Annual operating profit: KRW 795.4 billion (+8.8% YoY)
*The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement. |
In 2024, Coway's domestic business recorded a revenue of KRW 2,581.7 billion, marking an 8.8% increase compared to the previous year. This growth was driven by the strong sales of key products such as water purifiers, air purifiers and bidets, as well as the expanding sales of the high-growth BEREX brand.
Coway's overseas subsidiaries reported an annual revenue of KRW 1,545.2 billion in 2024, showing an 8.0% increase compared to the prior year. In Malaysia, annual revenue saw a 6.6% increase from the previous year to reach KRW 1,158.4 billion, while the United States subsidiary recorded an annual revenue of KRW 214.2 billion, up 4.4% from 2023, and Thailand recorded an impressive year-over-year growth of 24.3% and a KRW 125.7 billion annual revenue.
Coway announced that it has decided upon a year-end cash dividend of KRW 2,630 per share as a year-end dividend. The total dividend payout amounts to KRW 189.1 billion, representing a 93% increase compared to the previous year's total dividend of KRW 98.0 billion (KRW 1,350 per share).
In addition, Coway will unveil its 'Corporate Value-Up Program,' with the key focus being the expansion of the shareholder return ratio from the previous 20% to 40% over the next three years. This plan includes measures such as cash dividends and cancellation of treasury shares.
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, the 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.
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