Samsung Electronics has posted robust fourth quarter earnings with big improvements from 2016.
The company has posted earnings to the tune of ₩65.98 trillion ($61.72 billion) with net profit conversion of ₩12.26 trillion ($11.47 billion). Both are up from the same quarter last year by 24 percent and 73 percent, respectively.
Samsung Mobile made 8 percent more revenue in sales with ₩25.03 trillion. However, it was not able to offset losses in its IT business, which the mobile division is paired with, and the combined sector recorded an 3.2 percent decline in operating profit year-over-year.
The company says it was able to combat sagging low-end device shipments with better flagship sales, though it came with a heavy price in promotions. It will attempt to bring back profitability to the mid-range and low-end models while maintaining momentum with “sales expansion of flagship products such as [a Galaxy] S9 release.”
Semiconductor sales surged 42 percent from 2016 to ₩21.11 trillion. The overwhelming majority of sales were of memory chips, up 54 percent to ₩17.94 trillion. Server and mobile memory chips led the division by far to record levels as revenues from Exynos and ISOCELL camera sensors as well as foundry output hit seasonal lows.
With these rosy results, Samsung has opted to give out dividends of about $20.15 per share and will perform a stock split, dividing existing shares by 50.