Economy

Samsung Electronics posts record Q3 profits

Samsung Electronics posts record Q3 profits

South Korean tech giant Samsung Electronics has logged a record profit of 11.2 trillion won - €8.6 billion - in the July to September period, its best for any quarter.

Investors are also waiting for Samsung to name a successor to Kwon Oh-hyun, one of Samsung's three chief executives who are not part of the founding family but climbed the ladder from rank-and-file to overseeing daily management of Asia's largest consumer electronics company.

Kwon, Yoon and Shin will remain as members of the board until March.

Kim Kinam will lead Samsung's semiconductor and display businesses while Kim Hyunsuk will be the head of its consumer electronics division and Koh Dongjin, the head of the mobile business, Samsung said in a statement.

While two other chief executives oversee Samsung's phone business and appliance business, leaving little leadership vacuum for Samsung's daily operations, there are worries in and outside Samsung that its long-term business planning is put on hold due to Lee's imprisonment.

But its profits and share price have rocketed this year, as global chip prices have soared with suppliers such as Samsung yet to catch up booming demand for high-powered processors used in handsets, computers and cloud storage servers. The changes were effective immediately.

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It said separately it would double its dividends in 2018, and confirmed a further share buyback for the fourth quarter.

Its investment in infrastructure, mostly on chip plants, will reach a whopping 46.2 trillion won just for this year, compared to 25.5 trillion won in 2016, it said.

Earlier on October 31, Samsung said it would pay 29 trillion won ($25.9 billion) of dividends for 2018 to 2020, as part of the company's shareholder return plan for the next three years. Revenue jumped 29.8 percent to 62 trillion won, also in line with its earlier estimate.

It also announced a shareholder return policy for the next three years, ramping up returns guidance to a level higher than its current range of 30-50 percent of free cash flow to 50 percent over three years.

Profits from mobile devices jumped to 3.3 trillion won compared with just 100 billion won at the same time previous year, when the company booked the costs of the withdrawal of its fire-prone Note 7 gadget.


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