Samsung Electronics (SSNLF) said Friday that it expects to see record quarterly profits as rising demand for its memory chips and flagship Galaxy S8 boosts its bottom line amid its battle with Apple Inc. (APPL)  for global smartphone dominance.

Samsung said profits for the three months ending in June, its last fiscal quarter, are likely to top 14 trillion Korean won ($12.1 billion) thanks in part to a near 20% surge in revenue to 60 trillion won. Both figures, if confirmed, will beat analysts expectations and likely add to the stock's 32% year-to-date gains.

Samsung shares slipped around 0.26% into the close of trading in Seoul to change hands at 1,889,000 won each, valuing the group at just over 348 trillion won ($300 billion). While that's less than half of Apple's market cap, Samsung shares have outpaced those of the iPhone maker by around 10% so far this year and by more than 85% over the past two years. 

Samsung's second quarter results, which will be published on July 28, will also provide the first full quarter for sales of Samsung's Galaxy S8 smartphone, a critical release for the company after the spectacular failure of its Galaxy Note 7 last year. 

Samsung is also expected to overtake Intel Corp. (INTC - Get Report) as the world's number one chipmaker by revenue -- a title held by the Silicon Valley icon since 1991 -- as it reaps the benefits of soaring memory chip prices and increased consumer demand for faster smartphones.

The South Korean chipmaker is estimated to have generated about $15 billion in total semiconductor sales during the second quarter, which would surpass Intel's estimated $14.4 billion in chip sales, according to semiconductor market research firm IC Insights.

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