Samsung Electronics saw its profits leap by 41% in the first quarter of this year, driven by a surge in sales of its smartphones.
The South Korean technology company made a net profit of 7.15 trillion won (around £4.2bn) for the period, up from 5.05 trillion won a year ago.
Operating profit rose 54% from a year ago to 8.8 trillion won, while sales were up 16.8%t at 52.9 trillion won.
Analysts estimate Samsung shipped approximately 70 million smartphones in the three months to March. The company does not release details on the number of phones it sells in its earnings reports.
The figures were released on the same day as the new version of Samsung's flagship smartphone, the Galaxy S4, went on sale in South Korea ahead of a planned global roll-out.
In a statement Samsung said "sound sales" of the popular Galaxy S3 smartphone had aided profit margins, but cautioned that second quarter global demand was "forecast to dampen".
"We may experience stiffer competition in the mobile business due to expansion of the mid- to low-end smartphone market," said senior vice president Robert Yi.
The new Galaxy S4 smartphone was unveiled last month at a glitzy event in New York, reflecting Samsung's desire to expand its presence in the high-end US market against arch rival Apple (NasdaqGS: AAPL - news) and its iconic iPhone.
After years of following and refining the iPhone's pioneering innovations - a strategy that has resulted in bitter patent battles - Samsung has dethroned Apple to become the world's top smartphone maker.
Samsung has boasted stellar sales growth, setting new records for operating profit in every single quarter of 2012.
Apple by contrast reported on Tuesday that its quarterly profit had dipped for the first time in nearly a decade .
But Apple's iPhone commands a profit margin double that of Samsung's smartphone stable which holds a much wider range of devices for both low- and high-end buyers.
More From Sky News