Samsung Electronics' fourth quarter net profit jumped 26.4 per cent year-on-year as the company increased its efforts to ensure a stable supply chain despite coronavirus-related disruptions.
The net profit of the world's biggest smartphone and memory chip maker in the three months to December 31 climbed to 6.6 trillion Korean won ($5.3 billion). However, it was down almost 30 per cent from the previous three month period.
The South Korean company said it the quarterly decline was due to "weaker memory prices and sluggish consumer products sales", as well as "higher marketing costs and negative impact from the Korean won's appreciation".
In the last quarter, the local currency’s value rose sharply against the US dollar, euro and key emerging market currencies. This resulted in a negative impact equivalent to about 1.4tn won compared with the third quarter, mostly in semiconductor and display businesses.
Samsung's fourth quarter sales rose an annual 2.8 per cent to 61.6tn won. However, sales were down more than 8 per cent from the prior quarter.
Looking ahead, the company expects overall profit to weaken in the first three months of 2021.
"The memory business will likely continue to be affected by the ongoing strength in the won and costs associated with new production lines … despite solid demand from mobile products and data centres," the company said.
It expects a recovery in overall global demand in 2021 but uncertainties persist over the possibility of recurring Covid-19 waves, it added.
Samsung’s capital expenditure was 38.5tn won last year - of which 32.9tn won spent on semiconductors and 3.9tn on displays. It also increased investment for displays and new mobile screen technologies.
The company expects market demand for smartphones and tablets to decline in the first quarter of this year. However, it plans to strengthen its market position through the latest Galaxy S21 series and the expansion of the foldable category including the Galaxy Z Fold and Galaxy Z Flip.
"In 2021, market demand is likely to recover to pre-Covid levels backed by [the] gradual recovery in the economy and accelerating expansion of the 5G market," it said.
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
Killing of Qassem Suleimani
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
