Coway Co., Ltd. announced its financial results for the first quarter of 2023, posting $709 million in revenue, a 2.2% year-over-year increase. First quarter operating profit was $131.3 million, a 1.7% year-over-year increase.
Domestic home appliance sales revenue grew 3.7% from the same period last year, which the company attributed to the success of its newest products, including its water purifiers, BEREX line and Smart Mattress products.
Malaysia and Thailand were the strongest markets for the company and were key growth-driving subsidiaries, generating $200 million and $16.3 million in revenue respectively.
“Coway maintained stable sales revenue and operating profit throughout the first quarter,” said Soon Tae Kim, Coway Chief Financial Officer. “Despite the challenges posed by a global economic recession, we remain committed to achieving stable growth through market share expansion in the global market, innovative product launches, and strategic marketing efforts.”