South Korea’s e-commerce company Coupang has reported accelerating growth for the fourth quarter with double-digit increases in both revenue and profit.

The company’s net revenues rose 23 per cent year on year to US$6.6 billion (up 20 per cent on an FX-neutral basis), while gross profit surged 32 per cent to $1.7 billion.

Active customers surpassed 21 million at the end of the quarter, growing at 16 per cent.

For FY23, the firm posted total net revenues of $24.4 billion, up 18 per cent versus FY22 (up 20 per cent on an FX-neutral basis).

Total gross profit improved 31 per cent to $6.2 billion, while net income was $1.4 billion. Cash flow from operations was $2.7 billion, an improvement of $2.1 billion from last year.

The company’s Wow loyalty program membership had 14 million paid members at the end of last year, up 27 per cent year on year.

“Our accelerating growth in revenues, active customers, and Wow members reflect our unrelenting focus on creating ‘wow’ for our customers across selection, price, and service,” said Bom Kim, founder and CEO of Coupang.

“While we are pleased with the progress we made this quarter, we see even greater opportunity in front of us, as we represent just a single-digit share of the vast retail spend in Korea, and even smaller in Taiwan,” added Coupang’s CFO, Gaurav Anand.

“As we look towards 2024, we are more excited than ever about the opportunity to continue delighting our customers and driving long-term shareholder value,” Anand continued.

Further reading: Farfetch faces winding-up petition, alleging Coupang deal rushed