Huawei Continues To Grow Despite Sanctions
Huawei 2020 Annual Report revealed that the company’s growth slowed but was still in line with its business forecast.
Huawei’s sales revenue in 2020 rounded off at CNY891.4 billion, up 3.8 per cent year-on-year, and its net profit reached CNY64.6 billion, up 3.2 per cent year-on-year.
The slower growth was attributed largely to operational difficulties brought about by US sanctions in 2019 and 2020, respectively.
Despite that, the company continued to work with KPMG to independently and objectively audit its financial statements.
“No matter the circumstances, we will continue to embrace transparency by disclosing operational data to governments, customers, suppliers, employees, and partners,” the company said in a statement.
Last year, 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.
“Over the past year we’ve held strong in the face of adversity,” said Ken Hu, Huawei’s rotating chairman.
“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.”
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.
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.
During the pandemic, Huawei provided technical expertise and solutions that were vital in the fight against the virus.
One example is an AI-assisted diagnostic solution based on Huawei Cloud that helped hospitals the world over reduce the burden on their medical infrastructure.
Huawei also worked with partners to launch cloud-based online learning platforms for more than 50 million primary and secondary school students.
To boost the economic recovery and cultivate the digital ecosystem, Huawei launched the Spark program in Singapore in 2020 to provide technical support, funding, consulting and training for tech startups.
The 5G Ecosystem Innovation Center in Thailand, supported by Huawei, has served as a sandbox for 5G innovations in ASEAN.
To tackle the workforce challenges, Huawei has launched multiple initiatives in APAC (Asia Pacific), including the Huawei ASEAN Academy, Digital Training Bus, and Seeds for the Future program to provide learning resources and train digital talents.
The tech company aims to develop at least 300,000 ICT talents over the next five years in APAC.
“We will continue to work closely with our customers and partners to support social progress, economic growth, and sustainable development,” said Hu.