Samsung Electronics' Operating Profit Rises 25.8% in Q3 2021

Samsung Electronics reported an operating profit of KRW 15.82 trillion (US$13.4 billion) in the third quarter (Q3) of 2021. This figure represents a 25.8% increase from the previous quarter's KRW 12.57 trillion and a 28% increase compared to the same quarter of the previous year.

The increase in Samsung Electronics' operating profit was driven by rising memory chip prices in the market and a surge in sales of foldable phones, meeting the generally increased demand from smartphone manufacturers amidst the coronavirus pandemic.

Samsung Electronics is a flagship subsidiary of the Samsung conglomerate. To date, it remains the largest family-controlled company, or chaebol, dominating the South Korean market, the world's 12th largest economy.

Samsung Electronics recorded sales of KRW 73.98 trillion for the July-September 2021 period, a 10% increase from the same period last year. Its overall turnover is equivalent to one-fifth of South Korea's gross domestic product.

Samsung Electronics continues to expand its global business, including in North America and Japan. It is also developing 5G network installations in the domestic market.