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Huawei 2020 Annual Report Shows Strong Results, Despite U.S. Sanctions & Pandemic

Huawei Technologies has released its 2020 annual report showing its growth slowed, but its business performance was largely in line with forecast.

Huawei Technologies has released its 2020 annual report showing its growth slowed, but its business performance was largely in line with forecast. The company’s sales revenue rounded off at CNY891.4 billion (roughly UGX496.9 trillion), up 3.8% year-on-year, and its net profit reached CNY64.6 billion (roughly UGX36.015 trillion) up 3.2% year-on-year.

Despite operational difficulties brought about by U.S. sanctions in 2019 and 2020 —where the company was alleged to be used for espionage on behalf of the Chinese government to spy on the U.S, Huawei invited KPMG; a global network of professional firms providing Audit, Tax and Advisory services, to independently and objectively audit their financial statements.

The document produced by KPMG is a standard unmodified audit opinion, disclosing the operational data to the media, governments, customers, suppliers, employees, and partners.

In 2020, 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. 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 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.

“Over the past year we’ve held strong in the face of adversity. 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 took this opportunity to further enhance our operations, leading to a performance that was largely in line with forecast,” Ken Hu, Huawei’s Rotating Chairman, said in a press statement.

Hu adds that, “We will continue to work closely with our customers and partners to support social progress, economic growth, and sustainable development.”

Reporter’s Note: You can download Huawei’s 2020 Annual Report from this link https://www.huawei.com/en/annual-report/2020.

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