A customer enters the new Apple store at Covent Garden in London, Aug. 7, 2010. REUTERS/Suzanne Plunkett

Apple has proven, over the years, why despite not being a behemoth the size of Samsung or LG, it still reigns over the smartphone market. The company has once again proved its mettle by capturing a massive 79 percent of smartphone profits, according to a report by Strategy Analytics, obtained by the Korea Herald.

The global smartphone profits for 2016 stood at $53.7 billion, with Apple accounting for $44.9 billion alone. Apple held 14.5 percent of the global market share in 2016 and in comparison, Samsung, which held 20.8 percent of the market share, posted a $8.3 billion profit, according to the report.

Going by the reported numbers, other smartphone companies put together made just $10 billion, which speaks volumes for the cut throat competition in the Android smartphone market. As a result, it makes Android smartphone makers provide high-end specifications at throwaway prices, keeping very little profits for themselves.

With its own operating system, an app store, its own manufacturing supply chain and most importantly, a huge and loyal customer base, Apple easily trumps every other smartphone company in terms of profit. Apple’s image as a premium device maker and the desirability of its devices has gone a long way to put the company at the top.

Going by the Strategy Analytics report published on Nov.22, the iPhone 7 has been a moneymaker for the company. The Cupertino-based company accounted for a whopping 91 percent share of global smartphone profits in the third quarter of fiscal year 2016. The company made $9.4 billion in the same quarter, more than Samsung's annual earnings!