Seoul — Samsung Electronics has reported a 73% jump in its fourth-quarter net profit, setting a record for any three-month period, mainly driven by demand for its memory chips and display panels. Net profit for the October-December period hit 12.26-trillion won ($11.4bn), the South Korean tech giant said on Wednesday, on sales that rose 23.7% to 65.98-trillion won. Samsung Electronics, the flagship subsidiary of the giant Samsung Group, has had to overcome a humiliating recall of the Galaxy Note 7 device and the jailing of its vice-chairman Lee Jae-Yong on corruption charges, but its financial performance has gone from strength to strength. Its shares have more than doubled in the past two years thanks to its results, reaching levels of more than 2.5-million won apiece, putting them out of reach of many small investors. The firm announced a 50-for-1 stock split, sending the shares up 6.4% in midmorning trade. "The stock split signals Samsung will stay on its course bolstering return...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.