Coway Co., Ltd. announced its financial results for the second quarter of 2024, reporting a 7% increase in total revenue from the previous year’s quarter. Second quarter 2024 revenue reached $789 million with a gross profit of $154 million.
Revenue for the company’s domestic business in South Korea generated $478 million, an 11.1% increase from the second quarter of 2023. The company primarily attributes this growth to the rental sales of both BEREX’s lineup of mattresses and massage chairs and the Icon Ice Water Purifier.
Overseas subsidiaries posted revenue of $278 million, with Malaysia and Thailand reporting revenue of $209 million and $20 million respectively.
“Coway achieved both external expansion and profitability driven by strong sales of our key product lines like the ice water purifiers and BEREX lineup,” said Soon Tae Kim, Coway Chief Financial Officer. “In the second half of the year, we aim to strengthen our market leadership through technological and design innovations, ensuring continued growth.”
