Samsung Electronics announced its largest annual spending on research and development (R&D) and facility expansion in 2024, according to its business report released on Mar. 11.

The company allocated about 35 trillion won (US$24.1 billion) to R&D, which is a 23.5% increase from 2023 and the highest amount in its history.

Facility investments reached a record 53.6 trillion won (US$36.9 billion), rising by 500 billion won (US$344 million) from the previous year despite a tough global market.

Despite challenges, annual revenue hit 300.87 trillion won (US$207.3 billion), with net profit surging 122.5% to 34.45 trillion won (US$23.7 billion) and operating income nearly fivefold to 32.72 trillion won (US$22.5 billion).

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