South Korean tech giants, Samsung Electronics and Naver on Thursday both posted sharp increases in earnings for 2020.
Samsung Electronics has estimated last year's operating profits to be the fourth-largest on record, at around 32.5 billion U.S. dollars.
That is a jump of almost 30 percent from the previous year, despite the economic backlash from COVID-19.
Sales edged up just shy of 3 percent, amounting to some 213-billion dollars.
In the fourth quarter of last year, Samsung posted an on-year jump of 26 percent in operating profits, though it was smaller than the previous quarter, when the firm racked up record quarterly profits of 11 billion dollars.
Analysts say that despite strong memory chip sales and display profits ,lower chip prices and a weak U.S. dollar may have dragged down the company's fourth-quarter earnings.
Samsung says its overall profit will weaken in the first quarter of 2021 due to unfavorable currency movements as well as the cost of new production lines.
Meanwhile, South Korea's top internet portal operator Naver saw its sales in 2020 soar more than 21 percent on the back of the non-contact trend amid the coronavirus pandemic.
Its operating profits also jumped 5 percent to 1.1 billion dollars,and its net profit increased 1-hundred-10 percent.
This was largely due to record-breaking earnings in the fourth quarter of last year, thanks to solid growth in its e-commerce, online-payment and content businesses.
Driven largely by its search platform, fin-tech, and cloud sectors, Naver's Q4 sales in 2020 jumped around 28 percent, while operating profits edged up more than 17 percent.
Contents sales also saw a 21 percent increase as Korean webtoons expanded globally.
Kim Sung-min, Arirang News