Samsung forecasts record profit thanks to strong chip demand

Samsung East Africa launches new Galaxy Tab S3 tablet.[Courtesy]

Samsung Electronics expects to post record operating profit in the third quarter, helped by strong demand for its memory chips.

The South Korean electronics giant is forecasting operating profits of around 17.5 trillion won (Sh1.55 trillion), up 20.4 per cent from a year ago. The guidance is above analyst estimates for the period, boosted by its thriving chip business. Samsung overtook Intel to become the biggest chipmaker last year.