Coway Co., Ltd., “The Best Life Solution Company,” today reported financial results for the second quarter of 2022.
“Coway’s robust financial performance against tough market conditions can be attributed to its innovative product launches, such as Icon Water Purifier 2 and Icon Ice Water Purifier,” said Soon Tae Kim, the chief financial officer of Coway. “Going forward, we aim to maintain our stable trajectory by discovering new growth engines and strengthening our competitiveness at home and abroad.”
Coway reported the following earnings:
- Second-quarter revenue: KRW 978.2 billion (+8.0% YoY)
- Second-quarter operating profit: KRW 176.0 billion (+5.7% YoY)
- Second-quarter net profit: KRW 132.5 billion (+14.4% YoY)
* The reported figures are from the consolidated K-IFRS (International Financial Reporting Standards) statement.
Coway’s revenue for Q2 increased 8.0% year over year, totaling KRW 978.2 billion, while the operating profit sits at KRW 176.0 billion (+5.7% YoY) and the net profit at KRW 132.5 billion (+14.4%).
Cumulative sales for 2022 have now reached KRW 1,906.2 billion (+6.8% YoY), with an operating profit of KRW 348.7 billion (+3.4% YoY) and a net profit of KRW 267.5 billion (+10.7%).
Coway obtained a total of 780,000 new accounts in Q2 at home in South Korea and overseas, and the total number now sits at 9.44 million.
Domestic environmental home appliances sales revenue for the second quarter is reported at KRW 573.7 billion, and the number of accounts in Korea is now 6.56 million.
Overseas subsidiaries’ total revenue for Q2 is reported at KRW 354.0 billion, up 23.8% YoY. The key growth drivers, Malaysia and the USA, increased their revenue to KRW 274.7 billion (+16.1% YoY) and KRW 53.7 billion (+50.0% YoY), respectively. The number of overseas accounts also rose 28.3% vs. last year to reach 2.88 million.
For additional details about Coway’s financial performance, please visit the company’s Investor Relations page.
About Coway Co., Ltd.
Established in Korea in 1989, Coway, “The Best Life Solution Company,” is a leading environmental home appliances company making people’s lives healthy and comfortable with innovative home appliances such as water purifiers, air purifiers, bidets, and mattresses. Since being founded, Coway has become a leader in the environmental home appliances industry, with intensive research, engineering, development, and customer service. The company has proven dedication to innovation with award-winning products, home health expertise, unrivaled market share, customer satisfaction, and brand recognition. Coway continues to innovate by diversifying product lines and accelerating overseas business in Malaysia, the USA, Thailand, China, Indonesia, Vietnam, Japan, and Europe, based on the business success in Korea. For more information, please visit http://www.coway.com/ or http://newsroom.coway.com.
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Caption – Coway Financial Results