China's technology firm Huawei said Friday that its net profit last year had grown by 28 percent to 47.5 billion yuan ($7.55 billion).

Its sales increased by 16 percent from 2016, reaching over 603.6 billion yuan.

Headquartered in the southern Chinese city of Shenzhen, privately-owned Huawei is a world-leading telecom solution provider and also the world's third largest smartphone brand, behind Apple and Samsung.