Samsung Electronics Co. Ltd. plans a share buyback worth 9.3 trillion South Korean won following a strong earnings report for the fourth quarter of 2016, The Korea Herald reported Jan. 24.

The Samsung Group unit reported 7.1 trillion won in net income for the quarter, more than double the 3.2 trillion won posted for the last three months of 2015.

The buyback amount is reportedly the total remaining from shareholders' return resources in 2015 and 2016. The company plans to repurchase the shares and then cancel them in three to four phases.

Samsung Electronics also said it would offer shareholders 3.8 trillion won in year-end dividends, according to the report. The plan has been approved by the company's board of directors.

As of Jan. 24, US$1 was equivalent to 1,164.19 South Korean won.