Samsung's Q2 net profit hits record high

South Korean tech giant Samsung Electronics on Thursday reported a second quarter net profit of 11 trillion won ($9 billion), up 89 % year-on-year, the company said in a statement here.

Samsung`s operating profit reached a record level of 14.1 trillion won, up 72.7 %. Its turnover also hit a record high, achieving 61 trillion won, up 19.76 %, Efe news quoted the statement as saying.

The numbers appear to be in line with a report on expected profit they released on July 7. This would make the South Korean company the most profitable tech firm in the world, beating the US-based Apple Inc.

In the second quarter, the divisions producing semiconductors and components boosted the company`s accounts by jointly achieving 42.83 trillion won in revenue, which is 40.7 % more than in the same quarter of 2016.

The chip unit achieved this performance thanks to strong demand for high-density DRAMs and SSDs for servers in a low-supply environment.

The sales revenue of the company`s mobile division is also up 13 % to 30 trillion won following the good public reception of the latest Galaxy S8 and S8plus high-end models, but its operating profit was reduced due to an increase in component costs.

As for Samsung`s screen division, the revenue is up 20 % to 7.71 trillion won due to a greater sale of organic light-emitting diode (OLED) screens for high-end smartphones and liquid-crystal display (LCD) large-format screens.