Samsung Electronics has reported a 10% hike in quarterly profits this year, attributing its rip-roaring success to strong sales of its latest Galaxy S7 smartphone.

The technology and mobile phone market leader, originating in South Korea, has reportedly smashed forecasted operating profits – suggesting its first growth in annual profit for three years. The firm also appears to be enjoying new support for its mid-to-low range of mobile devices, posting improved sales performance on 2015.

Figures for Samsung’s operating profit for this quarter are said to be in region of some 6.6tr₩ (the equivalent of £4bn). Business analysts originally estimated a figure of 5.6₩ and, while the firm will not release a full breakdown of figures until later this month, it has clearly exceeded all expectations.

The Samsung Galaxy S7 is, by and large, leading the tech giant’s growth. The model has proven a winner with consumers – boasting an improved quality camera and larger data storage with microSD compatibility. In fact, analysts have suggested that Jan-Mar 2016 could well be the first quarter for nearly two years that the mobile phone arm of the business has led profits.

While the outlook for Samsung is, at this moment in time, largely positive, detractors have been quick to recall the rise and fall of the Galaxy S6 last year. Despite comparably positive reactions early on, the S6 experienced a spectacular fall from grace with customers after a string of RAM mismanagement problems.

Of course, the Galaxy S7 is neither the first nor last new model released this year. With stern competition from Apple’s iPhone SE and Huawei Technologies’ upcoming P9 handset, the questions remains whether Samsung’s latest offering will remain in favour. The two have each received rave reviews from early reporters. Nevertheless, the firm can find hope in new customer faith for its mobile arm – however temporary – and, with almost 100 subsidiaries, Samsung is doubtless here to stay.