SHANGHAI (Reuters) - Huawei Technologies paid out dividends totalling 61.404 billion yuan ($9.65 billion) to current and retired workers in its employee shareholder scheme, according to a filing with the Shanghai Clearing House.
Some 131,507 current and former workers are involved in the shareholder scheme, according to the company's 2021 annual report released last week. The company is private and wholly owned by its employees, it said.
The filing, published on Saturday, does not break down the dividend distribution.
It comes as U.S. sanctions continue to weigh heavily on Huawei's business, with full-year revenue tumbling 29% last year to 636.8 billion yuan.
Net profit jumped by a record 76% to 113.7 billion yuan, but that was mainly due to the sale of its budget-brand smartphone unit Honor and server businesses under U.S. pressure.
The United States imposed a series of trade restrictions on Huawei throughout 2019 and 2020, citing national security concerns, which Huawei denies.
The restrictions impeded Huawei's ability to design its own chips and to source components from outside vendors, crippling its smartphone businesses.
Guo Ping, Huawei's current rotating chairman, said last week that the company still hopes to find a solution to sustain its smartphone division and will ramp up investment in research seeking microchip "breakthroughs" after losing access to certain advanced technologies because of U.S. sanctions.
(Reporting by David Kirton; Editing by Jacqueline Wong)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU