South Korea: Samsung has never been better than in times of pandemic

The Samsung conglomerate, which accounts for 20% of South Korea's wealth, is part of the country's economic trend which is returning to growth.

AP Photo / Lee Jin-man

Text by: RFI Follow

2 min

Samsung Electronics presented its quarterly results and they stand out in the current economic context.

Almost 50% more profit compared to last year and an all-time high sales record over the period.

Good news for the IT branch of the group, which comes the day after the funeral of the former CEO of the South Korean giant.

These results show above all the adaptability of the conglomerate.

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With our correspondent in Seoul,

If a company has managed to take advantage of the economic and geopolitical context, it is Samsung.

While

suffers from American sanctions, Samsung has been able to rely on anti-Chinese sentiment and the needs of its competitor.

Deprived of its US semiconductor and computer program suppliers, Huawei had to quickly turn to the South Korean company for its supply.

50 billion euros in turnover

The release of two mobile phones and the reduction in marketing costs due to the pandemic have also played a role in Samsung's success.

The result is a record turnover of 50 billion euros and a nearly half jump in profit for the third quarter.

However, these results are seen as cyclical by analysts who expect the numbers to fall by the end of the year.

The conglomerate, which accounts for 20% of South Korea's wealth, is part of the national economic trend.

Seoul announced two days ago that the country was resuming growth after the first recession in ten years last quarter.

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