Coway announced its third quarter financial results for 2024. Third quarter revenue reached $788 million with an operating profit of $148 million. Year-to-date revenue for 2024 now totals $2.28 billion, a 7.5% year-over-year gain, with an operating profit of $438 million.
Domestic business in South Korea generated $474 million during the quarter, a 9.9% increase from the same period of 2023. The company attributes this growth to steady sales of the Icon Ice Water Purifier during summer months and ongoing popularity of its BEREX line of mattresses and massage chairs.
Malaysia was a strong market for the company, achieving $211 million in revenue, an 8.8% year-over-year increase.
“We continue to secure new customers, having seen our rental accounts exceed 10 million by merit of strong sales growth both domestically and internationally, and are also maintaining stable contract retention,” said Soon Tae Kim, Coway Chief Financial Officer. “For the remainder of this year and beyond, we will continue to prioritize research and development that drives product innovation and digitalization, and will also strive to maintain our robust performance growth.”
