PRESS RELEASE
Coway Announces Financial Results for Q3 FY2022
2022.11.09
- Cumulative revenue for 2022 reported at KRW 2,875.9 billion (+5.8% YoY), and operating profit at KRW 513.7 billion (+2.5% YoY)
- Strong earnings performance due to innovative product launches, including the Icon Ice Water Purifier
- For consistent, steady growth, Coway plans to focus on R&D and new innovations
SEOUL, South Korea, November 9, 2022 – Today, Coway Co., Ltd., "The Best Life Solution Company," announced financial results for the third quarter of 2022.
"We had a steady third quarter thanks to opportunities from our Digital Transformation (DX) and innovative product launches," said Soon Tae Kim, the chief financial officer of Coway. "To continue our stable trajectory in this tough market, we will focus on research and development for exciting future products."
Reported earnings are as follows:
- Third-quarter revenue: KRW 969.8 billion (+3.8% YoY)
- Third-quarter operating profit: KRW 165.1 billion (+0.8% YoY)
* The reported figures are from the consolidated K-IFRS (International Financial Reporting Standards) statement.
Q3 revenue is up 3.8% year over year and now totals KRW 969.8 billion with an operating profit of KRW 165.1 billion (+0.8% YoY).
Cumulative revenue for 2022 now stands at KRW 2,875.9 billion (+5.8% YoY), with an operating profit of KRW 513.7 billion (+2.5% YoY).
Domestic environmental home appliances sales revenue in Q3 was reported at KRW 571.3 billion (+2.7% YoY), thanks to innovative product launches, including the Icon Ice Water Purifier.
Overseas subsidiaries' total revenue for Q3 is reported at KRW 354.9 billion, up 6.5% year over year. In particular, the Malaysia subsidiary had a strong quarter with increased revenue of KRW 276.5 billion (+7.9% YoY).
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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