Samsung Electronics Co., “the world's leading maker of memory chips and flat-screen TVs, posted a record-high operating profit of 4.23 trillion won” on October 30 according to today's Korea Herald. Samsung has been the most popular South Korean brand since 2005 and has contributed significantly to South Korea’s total exports. This recent report on increase in profits, in spite of global economic downturn, can be attributed to strong performances in its chip and panel businesses, as well as its TV and handset divisions. Other divisions, such as semiconductor division, LCD unit, and Telecommunication division, have also shown increase in profits, compared to other companies in South Korea. Samsung plans to invest more in memory and nonmemory businesses in 2010. The company’s long-term goal is to “attain $400 billion in annual sales in 2020, a four fold increase from its current level and making it one of the world's top five brands” (Korea Herald). The company predicts that demand for Samsung products will increase along with the economic recovery next year.
- Submitted by S. Cho (CAS '12)