Coway Co., Ltd. announced its financial results for the fourth quarter and fiscal year 2023. Revenue during the fourth quarter of 2023 reached $754 million, down from $768 million in the previous quarter, but up 2.5% year over year. Operating profit during the quarter reached $124 million, up 1.5% year over year, but down from $148.9 million in the third quarter of 2023.
Full year 2023 revenue reached $2.9 billion, a 2.9% increase from 2022, with an annual operating profit of $549 million.
Domestic home appliance sales were the driver behind performance in 2023, particularly water purifiers, as well as the growth and market expansion of the BEREX brand.
The US is becoming a strong market for the company, posting 2.8% growth and revenue of $154 million, as is Thailand, which saw a 27.6% increase, resulting in revenue of $75.9 million.
“We’re proud to have achieved such a successful 2023, even in the face of significant challenges present in both domestic and international markets,” said Jangwon Seo, Coway CEO. “Our stable performance can be credited to actively investing in product R&D, IT, marketing, and leveraging the growth of the BEREX sleep and wellness brand. This year, as we complete our transformation to become a ‘New Coway’ grown by innovation, and solidify Coway’s position as a global leader, we will continue to release pioneering product lines while focusing on BEREX as a new growth engine.”
