Coway Co. announced on Aug. 10 that it posted an operating profit of 176.0 billion won on sales of 978.2 billion won in the second quarter of 2022.
The company’s operating profit and sales increased 5.7 percent and 8.0 percent, respectively, compared with a year ago. Its net profit amounted to 132.5 billion won, up 14.4 percent on year.
“Coway’s robust financial performance against tough market conditions can be attributed to its innovative product launches, such as Icon Water Purifier 2 and Icon Ice Water Purifier,” said Kim Soon-tae, the company’s chief financial officer. “Going forward, we aim to maintain our stable trajectory by discovering new growth engines and strengthening our competitiveness at home and abroad.”
Cumulative sales for 2022 have now reached 1,906.2 billion won (+6.8% YoY), with an operating profit of 348.7 billion won (+3.4% YoY) and a net profit of 267.5 billion won (+10.7%).
Coway obtained a total of 780,000 new accounts in the second quarter in South Korea and overseas, and the total number now sits at 9.44 million.
Domestic environmental home appliances sales revenue for the second quarter came in at 573.7 billion won, and the number of accounts in Korea is now 6.56 million.
Overseas subsidiaries’ total revenue for Q2 is reported at 354.0 billion won, up 23.8 percent on year. The key growth drivers, Malaysia and the United States, increased their revenue to 274.7 billion won (+16.1% YoY) and 53.7 billion won (+50.0% YoY), respectively. The number of overseas accounts also rose 28.3% vs. last year to reach 2.88 million.