The fourth quarter and full year financial report for Coway Co., Ltd. revealed 2022 fourth quarter revenue of $761 million, a 3.6% increase year-over-year. Overseas revenue during this time period also increased by 19.6%, with the U.S. and Malaysia as its key growth drivers.
Total annual revenue for 2022 reached $2.9 billion, a 5.2% increase over 2021, with annual net profit of $355.5 million.
“In 2022, we recorded strong financial results due to our innovative product launches, despite the challenging market conditions,” said Jangwon Seo, Coway Chief Executive Officer. “This year, we plan to reinforce our competitiveness and expand our global market presence, while also focusing on our new sleep and wellness brand, BEREX, and its Smart Mattress, which we believe will be a major contributor to our sales growth.”