Pre-tax profits at the main Irish arm of technology company, Huawei last year increased by 13% to €4.8m.

New accounts filed by Huawei Technologies (Ireland) Co Ltd show that pre-tax profits increased after revenues surged 26% from €94.77m to €119.4m. 

The revenues were boosted by the launch of two new smart-phone products here.

Numbers employed here at the Chinese headquartered company increased from 107 to 115 and staff costs last year went up from €18.2m to €21.94m.

According to the directors' report the company last year "achieved an impressive performance and significant growth in business scale". 

A breakdown of revenues show that €91.7m was generated here with €27.2m in the rest of the world.

The directors state that customer base and market share has remained stable and that last year Huawei successfully launched two series of smart phones.

The directors state that profits didn't increase as much as revenues due to the marketing investment and new product costs.

The directors state that for 2019 a successful execution of the company’s business plan "will result in achievement of a resilient financial performance even in a turbulent and complex economic period".

In their report, the directors of the Irish based company address the controversy that has engulfed Huawei’s global operations over the past year.

They state: "At the end of last year, reported security concerns spread across international media regarding the network technology related to Huawei’s 5G technology.

They state: "Until now, allegations have not been substantiated by evidence and Huawei has sought to assure Governments and customers that network security is an absolute priority."

They state that the management of the company has concluded that "this global 5G debate will not lead to assesable economic damage to Huawei Ireland".

At the end of last year, the company’s accumulated profits stood at €12.5m.

The company’s cash pile increased from €3m to €14.8m.