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Huawei reports 76% hike in 2021 net profit

Huawei reports 76% hike in 2021 net profit

ArabFinance: Huawei, the Chinese multinational technology corporation, has posted a 75.9% year-on-year surge in 2021 net profit, according to an emailed press release, citing the group’s 2021 annual report.

The company’s net profit reached CNY 113.7 billion last year, while revenues amounted to CNY 636.8 billion, the report noted.

Research and development (R&D) expenditure stood at CNY 142.7 billion in 2021, accounting for 22.4% of Huawei’s total revenue.

This brings the company’s total R&D expenditure over the past 10 years to more than CNY 845 billion, the report highlighted.

Moreover, the company’s carrier business achieved revenues of CNY 281.5 billion in 2021, while the enterprise business generated CNY 102.4 billion.

"Overall, our performance was in line with forecast. Our carrier business remained stable, our enterprise business experienced steady growth, and our consumer business quickly expanded into new domains. In addition, we embarked on a fast track of ecosystem development," Huawei's Rotating Chairman Guo Ping said in a press conference.

Meanwhile, consumer business recorded CNY 243.4 billion in revenue last year, as per the annual report.

For her part, Meng Wanzhou, Huawei's CFO, said: "Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty."

The company's cash flow from operating activities grew to CNY59.7 billion in 2021, with its liability ratio declining to 57.8%.

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices, with a presence in more than 170 countries and regions.

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