Huawei release results, says growth slowed, but within target
Huawei released its 2020 Annual Report today which showed Growth slowed, but the company's business performance was largely in line with forecast with sales revenue in 2020 rounded off at CNY891.4 billion, up 3.8per cent year-on-year, and its net profit reached CNY64.6 billion, up 3.2per cent year-on-year.
The annual report said despite operational difficulties brought about by US sanctions in 2019 and 2020, Huawei has continued to invite KPMG to independently and objectively audit their financial statements.
The report said that in 2020 Huawei's carrier business continued to ensure the stable operations of more than 1,500 networks across more than 170 countries and regions, which helped support telework, online learning, and online shopping throughout COVID-19 lockdowns.
“Working together with carriers around the world, the company helped provide a superior connected experience and moved forward with more than 3,000 5G innovation projects in over 20 industries like coal mining, steel production, ports, and manufacturing,” the report added
Huawei's Rotating Chairman Ken Hu said over the past year they have held strong in the face of adversity.
He said Over the past year, Huawei's enterprise business stepped up efforts to develop innovative scenario-based solutions for different industries and create a digital ecosystem that thrives on joint creation and shared success.
"We've kept innovating to create value for our customers, to help fight the pandemic, and to support both economic recovery and social progress around the world.
We also took this opportunity to further enhance our operations, leading to a performance that was largely in line with forecast,” he added.