Chinese telecom giant Huawei’s revenues in 2019 climbed 19.1% to 858.8 billion yuan ($123 billion) with net profit of 62.7 billion yuan, the company said Tuesday in a statement.

Huawei’s strong revenue momentum defied sanctions imposed by the U.S. government, which early last year placed the company on a blacklist barring it from sourcing critical components from U.S. suppliers.

Two thousand nineteen “was an extraordinary year for Huawei," said Eric Xu, rotating chairman of the company. "Despite enormous outside pressure, our team forged ahead with a singular focus on creating value for our customers. We worked hard to earn their respect and trust, as well as that of our partners around the globe. Business remains solid."

The company’s carrier business accounted for 35% of total revenues, with the segment’s sales increasing 3.8% to 296.7 billion yuan. The modest gain came even as countries around the world raced to roll out the next generation 5G network, for which Huawei is a major equipment supplier.

Huawei’s consumer sales jumped 34% to 467.3 billion yuan as the company shipped 240 million smartphones in 2019, according to the statement.

As the U.S. sanctions are expected to remain in place, Xu projected no relief for Huawei in 2020.

"The external environment will only get more complicated going forward," Xu said. "We need to keep enhancing the competitiveness of our products and services, promoting open innovation, and creating greater value for our customers and society at large.”

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