Chinese ICT major Huawei reported a solid year-on-year growth for financial year 2016. Company said that solid growth in its carrier, enterprise and consumer business led to revenue of $75.1 billion, an increase of 32 per cent over 2015. Financial statements in the 2016 annual report are audited independently by KPMG.
Net profits were $5.3 billion, an increase of 0.4%. Company also informed that in 2016, it continued to invest in the future, with the company's annual spending on research and development reaching $11 billion.
In 2016, Huawei's carrier business generated $41.8 billion in revenue, an increase of 24% year-on-year. This was achieved by focusing on digital transformation and leveraging major opportunities in cloud, video, the Internet of Things (IoT), and operations transformation for carrier customers.
Huawei's enterprise business which focus on providing ICT infrastructure to key vertical industries, including finance, energy, government bodies, and public safety generated $5.9 billion in annual revenue, an increase of 47 per cent.
Huawei's consumer business shipped 139 million smartphones during 2016, and reported $25.9 billion in annual revenue, up 44 per cent.
“Huawei was operationally healthy in 2016, with ample cash reserves, a solid and sustainable capital structure, and high resilience against risk. In 2017, we will continue to boost the efficiency and quality of our operations to ensure solid growth,” said Sabrina Meng, Huawei's CFO.
