Samsung posts 28% profit increase amid record sales

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South Korean tech giant Samsung Electronics posted a 28% increase in operating profit on Thursday despite global supply chain challenges caused by the pandemic.

The world’s largest chipmaker saw operating profit reach 15.8 trillion won (£ 9.8 billion) for the July-September period, it said in a regulatory filing.

Its sales rose 10% to a record £ 45.9 billion thanks to the strong performance of its memory chip division on sustained global demand.

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“Favorable market conditions continued in the memory market” resulting in “strong sales,” the company said.

Operating profits generated by its semiconductor business accounted for over 60% of the total, illustrating the major role the division plays in the sprawling group.

While the coronavirus pandemic has wreaked havoc on the global economy, it has helped many tech companies thrive.

Working from home triggered by a pandemic has boosted demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines.

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Consumer demand for premium products such as foldable phones is also expected to further boost profits in the coming months.

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