Coway Fourth Quarter Revenue Rises 3.6 Percent to 980.2 Billion Won

SEOUL, South Korea, February 19, 2023 -- Coway Co., Ltd. reported fourth-quarter 2022 revenue of 980.2 billion won, up 3.6 percent year over year, with operating profit of 163.7 billion won, up 17.5 percent, and net profit of 76.1 billion won, down 12.9 percent. Full-year revenue was 3,856.1 billion won, up 5.2 percent, with operating profit of 677.4 billion won, up 5.8 percent, and net profit of 457.5 billion won, down 1.7 percent.

Overseas subsidiaries' fourth-quarter revenue rose 19.6 percent to 360.6 billion won and full-year overseas revenue rose 15.4 percent to 1,401.9 billion won. Malaysia revenue surpassed 1 trillion won for the first time at 1,091.6 billion won, up 11.4 percent, while U.S. revenue rose 17.8 percent to 199.8 billion won.

Chief executive Jangwon Seo said 2022 results reflected innovative product launches despite challenging markets and that 2023 priorities include global competitiveness and the BEREX sleep and wellness brand.