Coway, based in South Korea, posted its financial results for the first quarter of 2022, reporting first quarter revenue of KRW 928 billion, or $730 million USD, a 5.6% year-over-year increase. First quarter operating profit was also up slightly (+1.1% year-over-year) at $140 million. First quarter net profit was up 7.3% over the same quarter last year, reaching $110 million.
Total overseas subsidiaries revenue for the first quarter was up 13% over the same quarter in 2021, with Malaysia revenue growing 9.3% to $210 million and the U.S. growing 6.6% to $36 million.
“Coway’s stable growth despite tough market conditions reflects the successful expansion of NOBLE, our premium design appliance line,” said Soon Tae Kim, Coway Chief Financial Officer. “We’ll maintain the stable growth with innovations that create a healthy and convenient living environment.”