Report: Samsung Targets Record Operating Profits In 2017

Samsung Logo 2016 AH 18

Samsung may have been dogged by many controversies this year, but if a recent report from Business Korea is anything to go by, the world’s largest smartphone vendor is apparently aiming to earn operating profits of over 30 trillion won ($25.23 billion) in the coming fiscal. The company’s current record stands at 36.8 trillion won ($30.95 billion), which was achieved back in 2013. Some insiders, though, seem to believe that going past that target next year is not entirely impossible because of the rising prices of semiconductors and a favorable exchange rate for the South Korean won against the U.S. dollar. If Samsung Electronics can indeed manage to post record profits next year, it will be a remarkable achievement, given what has transpired during this year.

As for the report that forms the basis of this story, each business division of Samsung Electronics has started holding what Business Korea is calling the company’s ‘global strategy meetings’ at its offices in Suwon, Giheung and Hwaseong. The very first such meeting was held yesterday by the company’s information technology and mobile communications (IM) division, while the consumer electronics (CE) division is slated to hold its own meeting today. The meeting for Samsung’s device solution (DS) division, meanwhile, is expected to be held tomorrow. While the meeting yesterday harped on the need to tighten quality control measures following the Galaxy Note 7 fiasco, today’s meeting is expected to dwell on how to make the upcoming Galaxy S8 a global success. During tomorrow’s meeting, company officials will reportedly chalk out a plan to target the premium home appliance and IoT market.

2016 has been an utterly forgettable year for Samsung Electronics, with the company being embroiled in one controversy after another. From exploding smartphones to disintegrating washing machines, from cross-cultural flare-ups in China to damning corruption scandals in its homeland, the company’s management, employees and shareholders probably can’t wait to get this year behind them and start afresh in 2017. It will be interesting to see what comes of these meetings, and if Samsung can truly get past all the controversies that have cropped up this year, and get back to doing what it does best – make high-quality, reliable electronic devices that have earned the company its global fame.