(Yicai) March 29 -- Profit at Huawei Technologies more than doubled last year on strong performances at the Chinese technology giant’s cloud and digital power businesses.

Net profit surged 144 percent to CNY87 billion (USD12.3 billion) in the 12 months ended Dec. 31, the Shenzhen-based firm’s annual report showed today. Revenue climbed 9.6 percent to CNY704.2 billion (USD99.5 billion).

“Our ICT infrastructure business remained solid, and our consumer business met expectations,” said rotating Chairman Hu Houkun. “Both our cloud computing and digital power businesses grew steadily, and our intelligent automotive solution business began large-scale delivery.

“We’ve been though a lot over the past few years,” Hu said. “But through one challenge after another, we’ve managed to grow.”

Revenue at Huawei’s information and communications technology infrastructure business was CNY362 billion, up 2.3 percent, while that from terminal services jumped 17 percent to CNY251.5 billion, and for cloud computing it climbed 22 percent to CNY55.3 billion. 

Revenue from the firm’s digital energy business amounted to CNY52.6 billion, up 3.5 percent, and that from the smart auto solutions business was CNY4.7 billion, up 128 percent.

The company has also seen a big jump in smartphone sales since the launch of its Mate 60 Series in the second half of last year. According to Counterpoint Research, sales jumped 64 percent in the first six weeks of this year from a year earlier, ranking second in the Chinese smartphone market.

Huawei said its investment in research and development climbed 2 percent to CNY164.7 billion last year, equal to 23.4 percent of its total revenue. Investment in R&D has exceeded CNY1.1 trillion (USD151.9 billion) over the past decade.

Editor: Tom Litting