- Overseas subsidiaries’ fourth-quarter revenue grew to KRW 360.6 billion (+19.6% YoY) with annual revenue of KRW 1,401.9 billion (+15.4% YoY)
- Coway’s focus for 2023 is enhancing global market competitiveness with innovative products and services
SEOUL, South Korea, February 15, 2023 – Coway Co., Ltd., “The Best Life Solution Company,” reported its financial results for the fourth quarter and fiscal year 2022.
"In 2022, we recorded strong financial results due to our innovative product launches, despite the challenging market conditions," stated Jangwon Seo, CEO of Coway. "This year, we plan to reinforce our competitiveness and expand our global market presence, while also focusing on our new sleep and wellness brand, BEREX, and its Smart Mattress, which we believe will be a major contributor to our sales growth."
Coway reported the following earnings:
- Fourth-quarter revenue: KRW 980.2 billion (+3.6% YoY)
- Fourth-quarter operating profit: KRW 163.7 billion (+17.5% YoY)
- Fourth-quarter net profit: KRW 76.1 billion (-12.9% YoY)
- Annual revenue: KRW 3,856.1 billion (+5.2% YoY)
- Annual operating profit: KRW 677.4 billion (+5.8% YoY)
- Annual net profit: KRW 457.5 billion (-1.7% YoY)
*The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
In FY2022, domestic environmental home appliance sales were driven by innovative new products, including Noble Collection, the Icon Water Purifier 2, and the Icon Ice Water Purifier, leading to a consolidated revenue of KRW 2,277.0 billion (+1.4% YoY).
Overseas subsidiaries’ revenue is up 15.4% vs. 2021 to KRW 1,401.9 billion, with Malaysia and the USA as the key growth drivers. Malaysia’s revenue rose to KRW 1,091.6 billion (+11.4% YoY), surpassing KRW 1,000 billion for the first time, while the USA's grew to KRW 199.8 billion (+17.8% 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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