China-based telecom equipment and smartphone vendor Huawei Technologies has released its 2016 financial report, posting net profit of CNY37.052 billion (US$5.38 billion), up 0.38%.

Consolidated revenues for the year totaled CNY521.547 billion, increasing 32.04% on year. Net operating profit was CNY47.515 billion, up 3.78%.

Huawei said its Telecom Carrier Business Group, which supplies equipment for telecom carriers to operate Internet, cloud computing, IoT services, accounted for 55.7% of the consolidated revenues. The Consumer Business Group, which mainly markets own-brand smartphones, accounted for 34.5% of the revenues. The Enterprise Business Group, which provides IT and networking/communication devices for business users, accounted for 7.8%.

The China market accounted for 45.3% of the consolidated revenues; Europe, the Middle East and Africa together for 30.0%; Asia Pacific except China 12.9%; North and Latin Americas 8.5%; and other markets 3.3%.

Huawei spent CNY76.4 billion in R&D in 2016, taking up 14.65% of the consolidated revenues. It shipped 130 million smartphones globally for revenues of CNY179.8 billion in 2016, growing 29% and 44% respectively on year.