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Samsung has unveiled a 11.3 trillion won ($9.9 billion) share buyback after reporting its first year-on-year profit growth in two years thanks to strong component sales, pushing its shares sharply higher.
Samsung said it would cancel all shares purchased through the buyback, its biggest to date, and planned to give shareholders 30 percent to 50 percent of its free cash flow over the next three years, primarily through dividends.
Cancelling the purchased shares would also help the Lee family, founders of Samsung Group, boost their control of the conglomerate.
Samsung’s shares touched a near six-month high and were up 2.2 percent
The company said third-quarter operating profit jumped 82 percent to 7.4 trillion won ($6.5 billion), in line with its guidance. Revenue rose 8.9 percent from a year earlier to 51.7 trillion won.