Huawei spends 25pc of total revenue on R&D

ISLAMABAD: Huawei has been utilising around 25 percent of its total revenues on research and development (R&D) to spur growth through innovation and in Pakistan it has provided 2,500 jobs in last six months period.

“We have demonstrated our commitment and adoption of innovation here in Pakistan. We are one of the largest tax paying companies in the country. We have provided 2500 jobs in last six months period here in Pakistan” chief executive officer (CEO) of Huawei Pakistan Shahzad Rasheed stated while addressing on the occasion of launch of annual report of 2022 on Friday.

On the occasion, Huawei released its 2022 annual report as the company achieves steady operations throughout 2022, having generated $92.37 billion in revenue and $5.12 billion in net profit.

The report said Huawei had continued to strengthen investment in R&D, with an annual expenditure of $23.22 billion in 2022, representing 25.1 percent of the company's annual revenue and bringing its total R&D expenditure over the past 10 years to more than $140.55 billion.

"In 2022, a challenging external environment and non-market factors continued to take a toll on Huawei's operations", said Eric Xu, Huawei's Rotating chairman, at the company's annual report press conference. "In the midst of this storm, we kept racing ahead, doing everything in our power to maintain business continuity and serve our customers. We also went to great lengths to grow the harvest – generating a steady stream of revenue to sustain our survival and lay the groundwork for future development."

Also present at the event was Sabrina Meng, Huawei's CFO. She noted, "Despite substantial pressure in 2022, our overall business results were in line with forecast. At the end of 2022, our liability ratio was 58.9 percent and our net cash balance was $25.35 billion.”