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Coway Announces Financial Results for Q1 FY2022
News provided byCoway Co., Ltd.
May 13, 2022, 4:00 AM ET
SEOUL, South Korea, May 13, 2022 /PRNewswire/ -- Coway Co., Ltd., "The Best Life Solution Company," today reported financial results for the first quarter of 2022.
"Coway's stable growth despite tough market conditions reflects the successful expansion of NOBLE, our premium design appliance line," said Soon Tae Kim, chief financial officer of Coway. "We'll maintain the stable growth with innovations that create a healthy and convenient living environment ."
Coway reported the following earnings:
- First-quarter revenue: KRW 928.0 billion (+5.6% YoY)
- First-quarter operating profit: KRW 172.7 billion (+1.1% YoY)
- First-quarter net profit: KRW 135.0 billion (+7.3% YoY)
* The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
Domestic environmental home appliance sales revenue is reported at KRW 559.5 billion led by the rise of accounts in Korea, which now total 6.56 million.
The total overseas subsidiaries revenue for Q1 is reported at KRW 332.4 billion, up 13.0% YoY. The key growth driving subsidiaries, Malaysia and the USA grew their revenue to KRW 262.8 billion (+9.3% YoY) and KRW 45.8 billion (+6.6% YoY), respectively. The number of overseas accounts also increased by 29.3% year-on-year and now sits at 2.72 million.
Across both global and domestic markets, Coway obtained 810,000 new accounts in Q1, and the total number now sits at 9.28 million.
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.
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SOURCE Coway Co., Ltd.