Video PlayerClose SEOUL, Jan. 8 (Xinhua) — Samsung Electronics, South Korea’s tech giant, recorded a double-digit growth in its 2020 operating profit as the COVID-19 pandemic increased demand for tech products, the company said Friday. Preliminary reading for consolidated operating profit amounted to 35.95 trillion won (33 billion U.S. dollars) in 2020, up 29.5 percent from the previous year. Revenue grew 2.5 percent to 236.26 trillion won last year, marking the third-highest figure in the company’s history. Net income and detailed earnings on each business unit will be announced later this month after an external audit and the board of directors’ approval. The double-digit increase in operating profit was attributable to the advent of a so-called untact economy, caused by the global COVID-19 pandemic. People around the world preferred to work from home and attend online classes, raising demand for tech products to support contactless activities. During the October-December quarter, Samsung’s preliminary figure for operating profit came to 9 trillion won. It was up 25.7 percent from a year earlier, meeting the market expectations of about 9.1 trillion won. Revenue rose 1.9 percent over the year to 61 trillion won in the fourth quarter. However, the operating profit tumbled 27.1… Read full this story
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