Coway’s Q2 net profit up 14.4% amid new product launches

South Korean home appliance brand Coway said Wednesday that its second-quarter net profit rose 14.4 percent from a year earlier on the back of innovative product launches.

The company logged 132.5 billion won ($101.7 million) in net profit between April and June, the company said.

Operating profit went up 5.7 percent on-year to 176 billion won, while cumulative sales in 2022 increased 6.8 percent to 1.9 trillion won. Coway’s global operations also saw increased sales, with Coway‘s overseas corporations reporting 354 billion won in revenue, a 23.8 percent increase on-year for the second quarter.

Meanwhile, the home appliance brand attributed its robust financial performance to innovative product launches, specifically its Icon Water Purifier 2 and Icon Ice Water Purifier, which were both launched in June.

“Going forward, we aim to maintain our stable trajectory by discovering new growth engines and strengthening our competitiveness at home and abroad,” said Coway’s Chief Financial Officer Kim Soon-tae.

By Lee Seung-ku (seungku99@heraldcorp.com)