Samsung Electronics has reported a jump in profit for the last quarter even as competition in the smartphone market remained intense.

The company reported sales of 51.7 trillion won ($45.1 billion) for the quarter, up 9 percent from the same period a year earlier, and net profit of 5.5 trillion won, up 29 percent, Samsung announced Thursday in Korea.

The higher sales came largely from strong demand for Samsung’s chips and flat-panel displays, which account for more than a third of its total business, while profits were helped by the weak Korean won.

Samsung is a major manufacturer of chips and displays, which it uses in its own products and also sells to competitors. Strong demand from smartphone rivals helped to hike sales of memory chips and OLED (organic LED) display panels.

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