Samsung Electronics announced it will release two high-end smartphones by the end of the year.

The South Korean electronics giant currently is one of the most popular manufacturers of smartphones, according to the International Data Corporation.

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The company established a new single-quarter record for shipping mobile products, with 295.3 million devices shipped from April to June.

Samsung is increasing the smartphone choices in its repertoire with the scheduled release of two new high-end smartphones by the end of the year, according to The Verge.

One will be "a very attractive new model that uses new materials and new displays," said Hyun-Joon Kim, senior vice president of the company's mobile communications business.

He added that the other device will be a "very innovative new product in the large-screen space."

Samsung said that it will be presenting a "more diverse product portfolio" in wearables. Its current wearable collection of smart devices includes the Galaxy Gear, Gear 2 and Gear Fit.

Kim didn't disclose more details about the devices, but some speculate the new model that uses new materials could be the company's much-anticipated metal smartphone.

The big-screen device is thought to be the Galaxy Note 4 since Samsung usually introduces its phone-tablet hybrids, or phablets, in the fall.

The announcement about the new smartphones comes in the wake of the company's third straight quarter of declining profits, with a 25 percent dive in the last one.

Tech pundits trace this to the intense competition in the mobile device industry. The rest of the year will "remain a challenge," the company warned, as the rivalries in the smartphone market lead to lower cost of devices and income.

Samsung expects to see its sales of mobile devices increase with the rollout of flagship products and new models. Profitability may suffer due to a heated race over price and product specifications.

Tagssamsung dropped sales, Samsung phone, phone, Announcement, tease