On Thursday Samsung Electronics reported its highest profit amongst the last two years. The newly launched Galaxy S7 corroborated itself as an extremely fruitful product for the company.

Second-quarter net profit rose 1.7% from a year earlier to 5.85 trillion Korean won ($5.2 billion), while operating profit rose 18% from a year earlier to 8.14 trillion won. On the other hand, the company saw a 4.9% increase in revenue to 50.9 trillion won.

Galaxy S7 has some lucrative components, such as high-end displays called OLED that are used as screens for premium smartphones. Samsung is going to announce some large-screen smartphones for distracting the end-user from the new iPhone launches by Apple.

Many presumptions saying that it’s ratiocination is that in earlier days it faced twin challenges from the popularity of Apple Inc.’s iPhones and the rise of low-cost Chinese smartphone makers.

The operating profit of Samsung jumped to 57% in the second quarter from a year earlier to 4.32 trillion won. Operating profit margin from the division rose to 16.3%, its highest level in more than two years. In conjunction with this, there is also fell in the company’s components profit by 28% because of an incline in the sale of chips and display panels.

The tech major foresees more and more benefits in the coming years. And planning to ramp up investment in organic light-emitting diode panels and NAND flash-memory chips, citing “strong market demand” for the two products.  

Apple shipped roughly 40 million iPhones for a 12% share while China’s Huawei Technologies Co., which said Tuesday that it shipped about 60.6 million smartphones in the first half of the year, came in third with a 9% market share, Research firm Canalys said. In comparison with these both Samsung shipped 80 million in the second quarter of the year, which is 24% of the global market.

Samsung said that it would buy back 1.8 trillion won in shares over the next three months to round out a $10 billion share buyback program that the company first announced in October last year.

Samsung is now planning for Galaxy A and J series devices and a new Galaxy C series that is just for China.

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