Samsung profit jumps by nearly half on strong smartphone sales

SEOUL (AFP) – South Korean tech giant Samsung Electronics said yesterday that net profits rose nearly 50 per cent in the first quarter, largely driven by robust sales of its smartphones and home appliances due to continued stay-at-home demand.

The firm is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world’s 12th-largest economy.

The conglomerate is crucial to the South’s economic health – its overall turnover is equivalent to a fifth of the national gross domestic product.

Samsung Electronics said net profits rose 46.3 per cent in January-March from a year earlier to USD6.4 billion.

People pass by an advertisement of Samsung Electronics’ Galaxy S21 Series smartphones at a subway station in Seoul, South Korea. PHOTO: AP