Coway announced its financial results for the fourth quarter and full year 2024. Fourth quarter revenue increased 12.1% year-over-year to $779 million with an operating profit of $127 million, a 10.4% year-over-year improvement. Full year 2024 revenue was $2.9 billion, an 8.7% increase from 2023, with an operating profit of $550 million.
Coway’s overseas subsidiaries reported 2024 revenue of $1 billion, an 8% increase over 2023. Malaysia and the US reported year-over-year increases of 6.6% and 4.4% respectively, with Thailand seeing double-digit year-over-year growth of 24.3%.
“We’re pleased to have delivered stable performance across both domestic and international markets in 2024, even amid challenging business environments,” said Jangwon Seo, Coway CEO. “This success was driven by our disciplined management approach and our commitment to expanding R&D. Looking ahead, as we accelerate our ‘New Coway’ strategy, we will focus on developing differentiated, innovative products and expanding our global footprint to drive sustained growth.”
Coway also debuted its Corporate Value-Up Program, with the goal of expanding the shareholder return ratio from 20% to 40% over the next three years.
