Coway Co., Ltd. announced its financial results for the first quarter of 2024, reporting $733 million in revenue, a 5.6% increase from the first quarter of 2023. Operating profit during the quarter was $141.8 million, a 10.3% year-over-year increase.
The company’s domestic business posted revenue of $448 million, a 5.5% year-over-year boost that the company attributes to the successful sales performance of its BEREX and water purifier lines, while overseas subsidiaries saw first quarter revenue of $260 million, a 5.5% year-over-year increase as well. The US and Thailand proved to be the most powerful growth drivers within the company’s subsidiaries.
“Coway continues to maintain consistent performance with a revenue that’s surpassed 1 trillion won for four consecutive quarters,” said Soon Tae Kim, Coway’s Chief Financial Officer. “In the upcoming second quarter, the launch of the 2024 Icon Ice Water Purifier and the continued success of the BEREX (Bed & Relax) lineup are forecasted to sustain our growth momentum.”
