Coway Q2 Operating Profit 176 Billion KRW... 5.7% Increase YoY

Achieved 1.9062 Trillion KRW in Sales and 348.7 Billion KRW in Operating Profit in the First Half of the Year

[Asia Economy Reporter Kim Cheol-hyun] Coway (CEO Lee Hae-sun and Seo Jang-won) announced on the 10th that its consolidated business performance for the second quarter of this year recorded sales of 978.2 billion KRW, an 8.0% increase compared to the same period last year. Operating profit was 176 billion KRW, and net profit was 132.5 billion KRW, increasing by 5.7% and 14.4% respectively compared to the same period last year.

Coway's sales for the first half of this year amounted to 1.9062 trillion KRW, up 6.8% year-on-year, operating profit increased by 3.4% to 348.7 billion KRW, and net profit rose 10.7% to 267.5 billion KRW.

In the second quarter of this year, Coway's total domestic and overseas customer accounts reached 9.44 million, an increase of 780,000 accounts compared to the same period last year, supported by stable net account growth in overseas subsidiaries.

Among second-quarter sales, the domestic environmental home appliance business recorded 573.7 billion KRW, driven by the launch of innovative products including the Icon Ice Water Purifier. The total domestic accounts reached 6.56 million.

In the second quarter of 2022, Coway's overseas subsidiaries recorded sales of 354 billion KRW, a 23.8% increase compared to the same period last year. The sales of the Malaysian and U.S. subsidiaries, which led the overseas subsidiary performance, were 274.7 billion KRW and 53.7 billion KRW respectively, increasing by 16.1% and 50.0% year-on-year. The total overseas subsidiary accounts reached 2.88 million, a 28.3% increase compared to the same period last year.

Coway CFO Kim Soon-tae said, "Despite the challenging market environment, we recorded stable business performance by leading continuous innovative product launches such as the Icon Water Purifier 2 and Icon Ice Water Purifier," adding, "We will continue to maintain stable performance growth through efforts to strengthen domestic and overseas business competitiveness and discover growth engines."