Leading ICT company Huawei Technologies has today released its financial report for the year 2019.

The company’s global revenue increased by 19.1% in 2019 to USD 122 billion from USD 105 billion in 2018. The net profit increased slightly to USD 8.8 billion from USD 8.6 billion in the previous financial period. Cash flow from operating activities increased to USD 13 billion from USD 10.8 billion in 2018.

Huawei has announced that it is has invested 15.3% of its 2019 global revenue to research and development (R&D). This translates to USD 18.5 billion. This is a part of its pledge to invest a part of its revenue back into its business. In total, Huawei has spent over USD 84 billion in R&D as part of this initiative in the last decade.

“2019 was an extraordinary year for Huawei,” said Eric Xu, Huawei’s Rotating Chairman. “Despite enormous outside pressure, our team forged ahead with a singular focus on creating value for our customers. We worked hard to earn their respect and trust, as well as that of our partners around the globe. Business remains solid.”

Huawei is widely known for its carrier solutions which it supplies to telecommunication companies all over the world. Some of its customers include Kenyan telecommunication companies Safaricom and Telkom Kenya. In 2019, Huawei led the commercial rollout of 5G networks in various markets in the world. Earlier this year, Safaricom acting CEO Michael Joseph announced that the company will consider awarding a contract to Huawei as they roll out their 5G network this year. On the flip-side, Huawei’s RuralStar base station solutions, which provides connectivity to people living in remote areas, has been rolled out to more countries reaching over 50 countries, including Kenya. In 2019, Huawei’s carrier business revenue reached USD 41 billion in 2019.

Huawei’s enterprise business continued to support the digital transformation of customers across industries. In 2019, Huawei announced its computing strategy under which it launched the world’s fastest AI processor, the Ascend 910, and the AI training cluster Atlas 900. In 2019, sales revenue from Huawei’s enterprise business was USD 12 billion.

Huawei’s consumer business continued to see growth in 2019 with a total of 240 million smartphones shipped throughout the year. The company reported progress in developing the Seamless AI Life ecosystem across all scenarios and devices, including personal computers, tablets, wearables, and smart screens. In 2019, sales revenue from Huawei’s consumer business unit was USD 65 billion.

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. Huawei is a private company wholly owned by its employees. Through the Union of Huawei Investment & Holding Co. Ltd. The company operates in more than 170 countries including Kenya.