Business

Samsung Electronics aiming to achieve $25 billion in operating profits next year

Latest reports out of South Korea reveal that Samsung Electronics is going to hold a global strategy meeting by each business division this week as the conglomerate’s crown jewel is aiming to achieve the highest operating profits ever of more than 30 trillion won ($25.23 billion) in 2017. The information technology and mobile communications division of Samsung Electronics held its meeting yesterday which was led by President Shin Jong-kyun. The consumer electronics division met today under CEO Yoon Boo-keun and the device solution division will meet tomorrow with Vice Chairman Kwon Oh-hyun in the lead.

Samsung Electronics operating profits hit an all-time high back in 2013 when it posted 36.8 trillion or $30.95 billion in operating profits. It has been unable to cross the milestone ever since. According to reports, Samsung Electronics has now created a strategy to help it cross this milestone in 2017. The rising price of displays and semiconductors aside from a strong dollar will help Samsung Electronics achieve this aim.

The company was expected to usher in an era of annual sales of more than 200 trillion won ($168.21 billion) and operating profits of well over 30 trillion won before the Galaxy Note 7 went up in flames. The ill-fated flagship caused a 7 trillion won ($5.89 billion) loss to the company which made it difficult to cross the 30 trillion won milestone in 2016. During these meetings, each business division of Samsung Electronics will discuss market conditions in detail and decide action plans for 2017.

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