SEOUL: Samsung Electronics said in a regulatory filing on Thursday that its operating profit rose 53.3% in the fourth quarter of 2021, driven by record annual sales.
The world’s largest smartphone maker said its operating profit for the October-December 2021 period rose to 13.87 trillion won ($11.55 billion) from 9 trillion won a year earlier.
Samsung achieved “record sales thanks to competitive products, despite continuing uncertainty,” the tech giant said in a statement, citing solid demand for its premium smartphone lines.
While the coronavirus pandemic has wreaked havoc on the world economy, it has helped many tech companies boom.
Pandemic-driven working from home has boosted demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines.
Consumer demand for high-end products like foldable phones also helped boost profits further during the holiday season.
“In the Memory Business, demand is expected to grow as enterprises ramp up IT investments while the Company will expand supply of high-performance products,” Samsung said.