Coway Q4 Operating Profit 163.7 Billion KRW... 17.5% Increase YoY

Last Year Recorded Cumulative Sales of 3.8561 Trillion KRW

[Asia Economy Reporter Kim Cheol-hyun] Coway (CEO Seo Jang-won) announced on the 15th that its sales in the fourth quarter of last year reached 980.2 billion KRW, and operating profit was 163.7 billion KRW. These figures represent increases of 3.6% and 17.5%, respectively, compared to the same period last year. The annual sales for last year amounted to 3.8561 trillion KRW, up 5.2% from the previous year. Operating profit increased by 5.8% to 677.4 billion KRW.

In 2022, the domestic environmental home appliance business recorded 2.277 trillion KRW, a 1.4% increase from the previous year, driven by strong sales of Coway's premium design appliances such as the 'Noble Collection,' 'Icon Water Purifier 2,' and 'Icon Ice Water Purifier.'

In 2022, Coway's overseas subsidiaries posted annual sales of 1.4019 trillion KRW, a 15.4% increase compared to the previous year. Among major overseas subsidiaries, the Malaysian subsidiary's sales reached 1.0916 trillion KRW, marking an 11.4% increase year-on-year and surpassing 1 trillion KRW in annual sales for the first time. The U.S. subsidiary's annual sales were 199.8 billion KRW, up 17.8% from the previous year.

Seo Jang-won, CEO of Coway, stated, "Despite the challenging domestic and international environment last year, we achieved solid business performance with innovative new products such as the Noble Collection and Icon Water Purifier 2." He added, "This year, we will prioritize focusing our capabilities on securing competitiveness to expand in the global market."