Huawei’s profit increases 75.9% in 2021 despite US sanctions
The company, which is not listed on the stock exchange, also said in a statement that turnover fell by 28.5% last year, to $99.9 billion.
The company’s chief financial officer, Meng Wanzhou, said at the virtual conference to present the results, in the city of Shenzhen, in southern China, where Huawei is headquartered, that, “despite the invoicing having fallen in 2021, the capacity [ company] generate profits and generate cash flow has been growing”.
He continued: “Now we can deal with all the uncertainties that we will have to face.”
In the last quarter of 2020, Huawei left, for the first time in six years, the list of the five largest global companies that manufacture mobile equipment for telecommunications networks, namely ‘smartphones’.
Under former U.S. President Donald Trump, Huawei was put on a U.S. blacklist called the Entity List which restricted American firms from exporting key components and software to the company.
These moves had had a big impact on the company’s business units. Huawei’s consumer division, which houses smartphone sales and other products, brought in 243.4 billion yuan in 2021, down nearly 50% year on year and the sales of telecommunications equipment, posted revenue of 281.5 billion yuan, down by around 7% year on year.