Pre-tax profits at the main Irish arm of technology company, Huawei, increased last year by 46% to €8.72m.
New accounts filed by Huawei Technologies (Ireland) Co Ltd show that revenues rose by 48% from €132.55m to €195.7m.
The directors state that 2022 "presented the company and the wider business environment with numerous complex challenges. However, the company still maintained stable finances and a turnover of €195.7m".
The directors add that "the company persevered through a difficult year for all through the support of its customers and partners, backed by the solidarity, determination and dedication of employees".
Numbers employed here at the Chinese headquartered company decreased from 153 to 146 and staff costs last year increased marginally from €32.6m to €33m.
A breakdown of staff show that 123 staff were employed in products, 15 in sales and eight in management.
The company paid a dividend last year of €12.2m and this followed a dividend payout of €4.2m in the prior year.
The directors' report says that the company has helped to build Ireland’s digital infrastructure through fibre broadband networks, 4G networks and the company is continuing to develop Ireland’s 5G network infrastructure.
It states that "industry powered by 5G will be the core driving force behind the development of the global ICT industry over the next decade".
The directors say that "the customer base and market share has remained stable based with the company continuing to provide advanced ICT products and services".
They point out that operating profit and profit after tax have increased for 2022.
The directors also say that the company has set its financial targets for 2023 in anticipation of both risks and opportunities typical of the telecommunications sector.
The report says that "management believes that business will continue to grow in line with the 2023 business plan".
The accounts disclose that the sale of Huawei goods was the chief factor behind the increase in overall revenues rising by 88.5% from €74.73m to €140.92m.
The firm recorded €18.46m revenues from the rendering of sevens and €36.33m from rendering of services to other companies.
The company’s largest market is Ireland, accounting for €102.12m or 52% of revenues, with 'Rest of Europe’ accounting for €55.44m of income and ‘Rest of World’ revenues totalling €38.14m.
The profits take account of non-cash depreciation costs of €3.1m and rental costs of €1.08m.
The company last year recorded post tax profits of €7.87m after paying corporation tax of €851,000.
At the end of last year, the company’s shareholder funds of €18m that included accumulated profits of €16.37m.
The company’s cash pile reduced from €18m to €10.38m.
