Coway Co., Ltd. reported third quarter financial results that illustrated a cumulative revenue for 2022 of $2.1 billion, a 5.8% increase year over year. In the third quarter of 2022, the company reported $709 million in revenue, a 3.8% increase, with $120 million in operating profit.
Domestic environmental home appliance sales revenue in the third quarter reached $418 million, a 2.7% increase, in part buoyed by the launch of the Icon Ice Water Purifier. Total revenue from overseas subsidiaries in the third quarter was $259 million, with Malaysia seeing a 7.9% increase in revenue, totaling $202 million.
“We had a steady third quarter thanks to opportunities from our Digital Transformation (DX) and innovative product launches,” said Soon Tae Kim, Coway Chief Financial Officer. “To continue our stable trajectory in this tough market, we will focus on research and development for exciting future products.”