Samsung Electronics President Kim Hyun-seok: "No Impact of COVID-19 on Product Production"

Kim Ki-nam, Vice Chairman and CEO of Samsung Electronics, is delivering the opening remarks at the Samsung Electronics 51st Annual General Meeting held on the 18th at the Suwon Convention Center in Suwon, Gyeonggi-do. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Changhwan Lee] Samsung Electronics stated that there is currently no impact from the novel coronavirus disease (COVID-19) on its product manufacturing.

Kim Hyun-seok, CEO of Samsung Electronics (President and Head of the CE Division), said at the 51st Annual General Meeting of Shareholders held on the 18th at the Suwon Convention Center in Yeongtong-gu, Suwon-si, Gyeonggi-do, "In the early stages of COVID-19, there were some issues with parts from China, but at this point, there is no disruption to production whatsoever."

However, Kim emphasized, "While COVID-19 is somewhat subsiding in our country, it is just beginning globally," adding, "We have not yet determined how much COVID-19 will affect distribution or consumers, and we will prepare through further research."

Regarding performance, he explained, "Last year, the CE division recorded sales of 44.8 trillion KRW and operating profit of 2.6 trillion KRW, both increasing compared to the previous year," and added, "Despite rapid changes in the business environment and intensified competition, Samsung Electronics firmly maintained the number one global market share in TVs and refrigerators."

He continued, "Last year, the visual display business expanded sales of premium TV and signage products, resulting in growth in both sales and profitability," and "In particular, TVs achieved the number one market share in 2019 as well, maintaining global leadership for 14 consecutive years, while the home appliance business increased both sales and profits compared to the previous year by expanding sales of premium products despite uncertain external conditions."

He also stated, "In the case of refrigerators, new products such as BESPOKE and Family Hub were continuously launched, achieving the number one global position for eight consecutive years."

This year, the CE (Consumer Electronics) market is expected to rapidly advance the IoT (Internet of Things) integration of CE products as connections between devices expand based on next-generation networks such as 5G, amid growing external uncertainties, combined with big data and AI (artificial intelligence) technologies.

Kim said, "Samsung Electronics plans to further strengthen its leadership in the TV market with 'QLED 8K' TVs and lifestyle products," adding, "Samsung Electronics also plans to expand sales of lifestyle TVs reflecting millennial generation characteristics, such as 'The Frame' and 'The Serif.'"

He went on, "The home appliance business plans to lead the premium market by adding innovation to existing appliances such as refrigerators, washing machines, and air conditioners," and said, "Samsung Electronics will continue to launch innovative home appliances based on consumer research to contribute to improving consumers' quality of life."

This content was produced with the assistance of AI translation services.