Samsung To Ramp Up Premium

Written by Oonagh Reidy     17/03/2014 | 12:25 | Category: INDUSTRY

High end TV, phones to help Samsung maintain "dominance", says Chairman

Samsung To Ramp Up Premium

Samsung plans to maintain market "dominance" by increasing sales of premium technology including smartphones, TVs, Vice Chairman Kwon Oh-hyun said at a shareholder meeting last week, reports YonYap. 

But its not just TVs. The Korean giant also looking to move into new areas like medical instruments to drive revenue. "Despite Samsung facing external challenges such as monetary uncertainties in the euro zone, the company posted an all-time high net profit and sales last year," said Kwon. 

However, Samsung recent Q4 results showed net profit slipped over 1 trillion Korean won to 7.3 trillion KRW compared to Q3, its first quarterly decline in two years. 

The company's hugely profitable mobile division fell, although demand for consumer electronics including TV's, enjoyed a major surge, last quarter.

"We will maintain our dominance in key businesses, such as mobile phones, TVs and memory chips, by rolling out premium lineups," Kwon told shareholders on Friday.  

Last week, Samsung unveiled its Discovery House in Sydney showcasing all its premium appliances, from robo vacuums, to 15kg smart washer/dryers and fridges with WiFi. 

Samsung is one of Korea's largest companies and makes everything from light bulbs to mobile phones, but also has interests in life insurance and petro chemicals.  

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