Samsung Electronics’ operating profit posts double-digit growth in 2020

SEOUL  (Xinhua) : Samsung Electronics, South Korea’s tech behemoth, posted a double-digit growth in its operating profit last year as the COVID-19 pandemic increased demand for tech products, a regulatory filing showed Thursday.

Consolidated operating profit reached 35.99 trillion won (32.3 billion U.S. dollars) in 2020, up 29.6 percent from the previous year. It was the fourth-biggest profit in the company’s history.

Revenue gained 2.8 percent over the year to 236.81 trillion won (212.3 billion U.S. dollars) in 2020, and net income 21.5 percent to 26.41 trillion won (23.7 billion U.S. dollars).

The double-digit growth in profit came as the COVID-19 pandemic encouraged people to attend online classes and work from home, raising demand for tech products especially in the second half of last year. The earnings were relatively low in the first half amid a global economic slump, caused by the pandemic.