Samsung Electronics Co. was responsible for 20 percent of South Korea's total exports in the first half of the year, according to the company's financial report.
The company that produced the iconic Galaxy smartphones raised 75.2 trillion won or $62 billion in sales from January to June this year, with 86 percent coming from abroad, its semiannual report said.
Samsung's overseas revenues accounted for 20.6 percent of the total exports of South Korea that registered at 313.4 trillion won over the period. The country is considered as the fourth-largest economy in Asia.
Samsung Electronics has three key business divisions: consumer electronics, IT and mobile communications, and Device Solutions.
Registered Income And Taxes
The company registered its largest sales from North America with 21.2 trillion won (US$17.5 billion), earnings from China was 17.8 trillion won (US$14.7 billion), while sales from the Asian region, excluding South Korea, China, and Africa, reached 16.7 trillion won (US$13.8 billion). Europe had a total of 9 trillion won or US$7.4 billion.
The financial note states while Samsung earned most of its profits from the overseas market, the company paid the majority of its taxes at home. It paid 9.5 trillion won or US$7.8 billion in corporate tax for the first half, an increase of 19.7 percent from 2018.
Quarterly Results And Outlook
Based on its second-quarter results, demand for the company's semiconductor memory increased despite weak business conditions as datacenter customers resumed purchasing and mobile applications adopted higher-capacity products.
For its mobile division, the overall shipments for smartphones increased due to strong sales in the mid-range-and-below segment. However, flagship sales were slow amid waning launch effects of a new model and sluggish demand in the premium market.
Samsung said its profitability for mobile devices declined due to intensifying competition in the low-end to mid-range market, and an increase in expenses aimed at clearing the inventory of older models.
Aiming For Steady Success
For its third-quarter outlook, the company aims to bolster its lineup strategic products and expand sales for new models in the low-end to mid-range market. It also targeted successful launches for the Galaxy Note 10, and Galaxy Fold as it strives to improve profitability by increasing operational efficiency.