Samsung reported this week that it earned an operating profit of $8.1 billion on revenues of $55.3 billion in the quarter ending December 31.

For the full year, Samsung reported an operating profit of $32.3 billion on revenues of $212.8 billion; those figures represent gains of 29.6 percent and 2.78, respectively, over the previous year.

“Although challenges from the COVID-19 pandemic continue, company-wide efforts to ensure a stable supply of products and services globally helped Samsung’s fourth-quarter results,” the company noted in its earnings report. “Profit rose 26.4 percent year-on-year led by display and memory chip businesses, but fell 26.7 percent from the third quarter 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.”

A big part of Samsung’s success in the quarter came courtesy of Apple, as Samsung supplies the Cupertino supergiant with iPhone displays. As a result, Samsung’s display business had a record quarter, delivering an operating profit of $1.6 billion on revenues of $8.9 billion.

Samsung’s IT & Mobile Communications Division posted an operating profit of $2.2 billion on revenues of $20.1 billion, and the firm “credited strong year-end demand and gradual economic recovery.” And though profits and revenues declined quarter-on-quarter—with no major new product launches, that makes sense—Samsung’s mobile business still maintained double-digit profit margins. Looking ahead, Samsung expects a bump from the Galaxy S21 launch and upcoming “new mass-market products.” The firm expects market demand to recover from COVID-19 sometime in 2021.

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