Coway Reports Impressive Q4 and Annual Financial Growth
Coway Financial Results Overview
Coway Co., Ltd. shared promising financial results for the fourth quarter and fiscal year 2024. The company reported a fourth-quarter revenue of KRW 1,125.7 billion, which signifies a 12.1% increase year-over-year. This is complemented by an operating profit amounting to KRW 183.4 billion, reflecting a 10.4% year-over-year growth.
Annual Performance Highlights
For the entire fiscal year, Coway recorded an annual revenue of KRW 4,310.1 billion, marking an 8.7% increase from the previous year. The operating profit for the year reached KRW 795.4 billion, which is an 8.8% rise compared to FY2023. Such figures illustrate Coway's robust performance despite a challenging market environment.
Future Growth Strategies
Looking ahead, Coway intends to drive continued growth in 2025 by accelerating its 'New Coway' strategy. CEO Jangwon Seo mentioned that the company's success has been fueled by disciplined management and a commitment to research and development. The aim is to develop innovative products that set Coway apart in the marketplace and expand its global reach.
Domestic and International Success
In 2024, Coway's domestic business flourished, garnering revenue of KRW 2,581.7 billion, indicating an 8.8% increase from the previous year. Strong sales from core products such as water purifiers, air purifiers, and bidets contributed to this growth. Furthermore, the high-growth BEREX brand has seen an increase in sales, which continues to bolster Coway's domestic performance.
International Market Performance
Coway's international subsidiaries recorded a remarkable annual revenue of KRW 1,545.2 billion in 2024, showing an 8.0% increase year-over-year. In Malaysia, the revenue increased to KRW 1,158.4 billion, reflecting a 6.6% growth. The subsidiary in the USA achieved KRW 214.2 billion in annual revenue, up 4.4% from the previous year. Thailand demonstrated extraordinary growth with a 24.3% increase, totaling KRW 125.7 billion.
Dividend Distribution
Coway’s board of directors has announced a year-end cash dividend of KRW 2,630 per share, resulting in a total payout of KRW 189.1 billion. This marks a significant 93% increase compared to the prior year's total dividend of KRW 98.0 billion. This commitment to rewarding shareholders reflects Coway's confidence in its sustained profitability.
Corporate Value-Up Program
In addition to the impressive dividend, Coway has introduced a 'Corporate Value-Up Program' aimed at enhancing shareholder returns. The strategy involves increasing the return ratio from 20% to 40% within three years, alongside initiatives like cash dividends and treasury share cancellations.
About Coway Co., Ltd.
Founded in 1989, Coway stands as a forefront player in the environmental home appliances sector. Known as the "Best Life Solution Company," Coway focuses on providing healthy and comfortable living through innovative products. Their product lineup includes advanced water purifiers, air purifiers, bidets, and mattresses, with the recent introduction of the BEREX brand aimed at enhancing sleep and wellness.
The company's commitment extends beyond Korea's borders, as it actively pursues growth in global markets including Malaysia, the USA, Thailand, China, and beyond—building on its success rooted in intense research and customer service.
Frequently Asked Questions
What were Coway's financial results for Q4 2024?
Coway reported a Q4 revenue of KRW 1,125.7 billion, with an operating profit of KRW 183.4 billion.
How did Coway perform in FY2024?
In FY2024, Coway achieved an annual revenue of KRW 4,310.1 billion and an operating profit of KRW 795.4 billion.
What is Coway's strategy for future growth?
Coway plans to accelerate its 'New Coway' strategy, focusing on innovative product development and global market expansion.
What are the latest dividend announcements from Coway?
Coway has announced a year-end cash dividend of KRW 2,630 per share, totaling KRW 189.1 billion.
What does Coway aim for with its Corporate Value-Up Program?
The program aims to increase the shareholder return ratio from 20% to 40% over the next three years.
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