Samsung Rakes In $10 Billion Profit In 3 Months
2017 is indeed Samsung’s most rewarding year.
The South Korean technology giant logged a record profit of 11.2 trillion won (about $10 billion) in the July to September period.
The company disclosed this on Tuesday, acknowledging that the result is its best for any quarter.
This is despite its de facto leader getting jailed for bribery in August and its flagship Galaxy Note 7 device recalled in July.
But the company said in a statement that its net profits soared 148% on the same period a year ago, thanks to strong demand for its memory chips and a recovery in smartphone sales with the roll-out of the new generation Galaxy Note 8.
The figures come only two weeks after chief executive Kwon Oh-Hyun resigned, saying South Korea's biggest firm was facing an "unprecedented crisis" and its current profitability was "merely a fruit of decisions and investment made in the past".
The firm described Tuesday's numbers as an "overall robust performance".
Samsung has sustained its lead in the market partly by investing massively in building and expanding semiconductor factories; often faster than its rivals.
And its investment in infrastructure, mostly on chip plants, will reach a whopping 46.2 trillion won just for this year, compared to 25.5 trillion won in 2016, it said.
Also Watch: CEO Hotels.ng, Mark Essien Speaks About Listing His Company On NSE