#South Korea #Seoul #Financial Reports #Coway #Innovative Products

Coway Reports Robust Financial Results for Q4 and FY2024

Coway Co., Ltd., known as the 'Best Life Solution Company,' has recently unveiled its financial performance for the fourth quarter and the entire fiscal year 2024. The company has demonstrated remarkable resilience and growth, achieving significant increases in both revenue and operating profit amidst challenging business conditions.

Strong Year-End Figures

For Q4 of 2024, Coway recorded KRW 1,125.7 billion in revenue, reflecting a 12.1% year-over-year increase. Their operating profit for the same quarter reached KRW 183.4 billion, which is a 10.4% increase compared to last year. Over the entire fiscal year, Coway's total revenue reached KRW 4,310.1 billion, marking an 8.7% annual growth. Operating profit for FY2024 also rose, amounting to KRW 795.4 billion, up by 8.8% from the previous fiscal year.

CEO Jangwon Seo expressed pride in these results, attributing them to effective management and a strong commitment to research and development. He stated, "We’re pleased to have delivered stable performance across both domestic and international markets in 2024... we will focus on developing differentiated, innovative products and expanding our global footprint to drive sustained growth."

Domestic and International Success

In their domestic market, Coway reported revenues of KRW 2,581.7 billion, a rise of 8.8% from the prior year, driven by robust sales of core products such as water purifiers, air purifiers, and bidets. Additionally, the growing BEREX brand significantly contributed to this domestic growth.

On an international scale, Coway's subsidiaries generated an annual revenue of KRW 1,545.2 billion, an 8.0% increase from the previous year. Key highlights include a 6.6% increase in Malaysia's revenue, amounting to KRW 1,158.4 billion, whereas the United States subsidiary saw KRW 214.2 billion in annual revenue, a 4.4% growth. Thailand experienced an impressive 24.3% year-over-year rise, achieving KRW 125.7 billion in revenue.

Enhanced Shareholder Value Initiative

In an exciting development for investors, Coway has declared a year-end cash dividend of KRW 2,630 per share, totaling KRW 189.1 billion. This represents a 93% increase over last year’s total dividend of KRW 98.0 billion (KRW 1,350 per share).

Furthermore, Coway is rolling out its 'Corporate Value-Up Program,' aiming to raise the shareholder return ratio from 20% to 40% within the next three years through cash dividends and treasury share cancellations.

Looking Ahead

As Coway sets its sights on 2025, the company is repositioning its strategy under the 'New Coway' initiative, focusing on the development of innovative products tailored to meet the evolving needs of consumers worldwide. Established in Korea in 1989, Coway has firmly positioned itself as a leader in the environmental home appliances sector with a portfolio that includes water purifiers, air purifiers, bidets, and mattresses, driven by a commitment to innovation and customer satisfaction.

For more in-depth information about Coway's financial achievements and future outlook, visit their Investor Relations page.

In conclusion, Coway's financial performance showcases a strong trajectory of growth and innovation, reinforcing its commitment to enhancing the quality of life through their state-of-the-art home solutions.