Samsung’s mobile division forecast continued demand for its smartphones and rising ASPs in 2022 after registering strong growth in the final quarter of 2021 on gains in the premium segment.

On an earnings call, Mobile eXperience (MX) VP Kim Sung-koo expressed confidence the release of its next Galaxy S flagship series would contribute to further growth and higher ASP.

He explained the company expects shipment volumes and pricing to improve in 2022, but warned a traditionally weak Q1 could result in lower demand, with continued uncertainly around component supplies and constraints predicted to persist throughout the year.

The MX business generated revenue of KRW27.7 trillion ($23 billion) in Q4, up 29 per cent year-on-year. Smartphone sales rose 7.5 per cent to around 72 million units, while tablet volumes fell 30 per cent to 7 million.

Smartphones accounted for more than 90 per cent of device sales. Blended ASP improved 23.4 per cent to $253.

Operating profit for the IT and Mobile Communications group, which includes the MX unit, was flat at KRW2.7 trillion due to higher investments in its foldable smartphone range and increased year-end marketing expenses.

Kim said its network business is looking to secure new contracts in overseas markets including Europe.

On a group level, net profit rose 64 per cent to KRW10.8 trillion on consolidated revenue of KRW76.6 trillion, up 24 per cent. Semiconductor sales grew 43 per cent to KRW26 trillion.

EVP of investor relations Ben Suh explained Samsung was again not providing annual guidance due to “heightened macro uncertainties”.