Coway Announces Financial Results for Q4 and FY2022

Coway Co. reported its financial results for the fourth quarter and fiscal year 2022 on Feb. 15.

In the fourth quarter, the company earned 163.7 billion won (+17.5% YoY) in operating profit and 76.1 billion won (-12.9% YoY) in net profit on sales of 980.2 billion won (+3.6% YoY).

For the whole of 2022, it posted 677.4 billion won (+5.8% YoY) in operating profit and 457.5 billion won (-1.7% YoY) in net profit on sales of 3,856.1 billion won (+5.2% YoY).

"In 2022, we recorded strong financial results due to our innovative product launches, despite the challenging market conditions," stated Seo Jang-won, 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."

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 2,277.0 billion (+1.4% YoY).

Overseas subsidiaries’ revenue is up 15.4% vs. 2021 to 1,401.9 billion won, with Malaysia and the USA as the key growth drivers. Malaysia’s revenue rose to 1,091.6 billion won (+11.4% YoY), surpassing 1,000 billion won for the first time, while the USA's grew to 199.8 billion won (+17.8% YoY).