South Korea based Samsung Electronics witnessed its highest ever operating profit during the quarter ended December 2017. The company posted its biggest annual income and sales in its history owing to its semiconductor business.

The operating profits of the company stood at 15.1 trillion won, a year on year increase of 64.12 per cent compared to 9.2 trillion won during the quarter ended December 2016. Sales during the quarter also rose to a record high of 66 trillion won.

Analysts, however, had expected 16.2 trillion won in operating profit. This figure was subsequently lowered due to the one-time bonuses given to employees and the appreciation of the local currency against the dollar.

The company’s yearly operating income stood at 53.6 trillion won, an 83 per cent increase from 2016 and reported sales of 239.6 trillion won, up 19 per cent from the previous year. This phenomenal growth is being attributed to Samsung's semiconductor division. Samsung dominates the semiconductor market and has been cashing in on the huge demand for memory chips.