Coway Announces Financial Results for Q2 FY2023

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Aug 09, 2023, 04:00 ET

SEOUL, South Korea, Aug. 9, 2023 /PRNewswire/ -- Coway Co., Ltd., the "Best Life Solution Company," today reported financial results for the second quarter of 2023.

"We've successfully sustained steady growth through global market expansion, innovative product offerings, and strategic marketing efforts, despite difficult market circumstances," commented Soon Tae Kim, Chief Financial Officer of Coway. "Our strategies for the rest of the year will focus on further strengthening both local performance in Korea and international business activities while fostering the growth of our sleep and wellness brand BEREX."

Coway's reported earnings are as follows:

Second-quarter revenue: KRW 1,006.2 billion (+2.9% YoY)
Second-quarter operating profit: KRW 194.2 billion (+10.3% YoY)
* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.

Cumulative revenue for 2023 has now reached KRW 1,954.5 billion (+2.5% YoY) and an operating profit of KRW 369.8 billion (+6.1% YoY).

Domestic health appliance sales revenue rose to KRW 590.4 billion (+2.9% YoY), primarily attributed to successful product sales across various categories, including water purifiers, air purifiers, and mattresses.

The total overseas subsidiaries revenue for Q2 reached KRW 378.9 billion, marking a 7.0% year-on-year. The key growth drivers, Malaysia and the USA, demonstrated substantial revenue growth, with Malaysia achieving KRW 285.6 billion (+3.9% YoY) and USA reaching KRW 61.1 billion (+13.7% YoY). Meanwhile, the steadily advancing Thailand subsidiary recorded a noteworthy revenue surge to KRW 24.5 billion, for a remarkable growth of 25.7% year-on-year.

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.

SOURCE Coway Co., Ltd.