Samsung Electronics has sent out invitations for their "Samsung unPacked 5" event, scheduled to take place on February 24 at the Mobile World Congress in Barcelona.

The company will likely unveil the latest version of its flagship Galaxy S at the event, which is expected to be called the Galaxy S5.

Three weeks ago, Samsung confirmed that sales of Samsung's S4 came in weaker than expected, and the world's biggest smartphone maker is now preparing for its weakest mobile annual profit growth in almost seven years, according to Reuters. 

Samsung sales have dropped thanks to competitors like Apple Inc. and other Chinese vendors, which means a lot is riding on the S5.

The device is expected to come with a bigger screen, iris recognition or a fingerprint scanner, and an improved rear camera.

The phone might also come with an improved Galaxy Gear smartwatch, though nothing has been confirmed by Samsung yet.

No matter what is introduced at the Mobile World Congress, it won't be as glitzy as past events that featured a full live orchestra and actors, since Samsung is putting a "new emphasis on cost," according to Reuters.

Apple is also scheduled to release a new phone sometime this year, and many analysts have predicted one might be introduced as early as this May, which would be well under a year since the iPhone 5S and iPhone 5C were both released.

Apple recently signed a big deal with China Mobile, the biggest mobile carrier by subscribers in the world, to help increase phone sales.

Another competitor, China's PC maker Lenovo Group, recently announced last week it would buy Google Inc's Motorola Mobility unit for $2.9 billion to help compete against the likes of Samsung and Apple.  

See Now: OnePlus 6: How Different Will It Be From OnePlus 5?