Chinese telecom giant Huawei Technologies has reported that its profits more than doubled last year, despite US trade restrictions.

The firm released its annual report for 2023 on Friday.

Revenue jumped 9.6 percent from a year earlier to 704.1 billion yuan, or 97.5 billion dollars. Net profit rose 2.4-fold to 86.9 billion yuan, or 12 billion dollars.

The US government tightly controls trade between American companies and Huawei, citing concerns about national security.

Export restrictions on semiconductors dealt a blow to the company's smartphone business. But last year, Huawei released new models powered by a Chinese chip.

Revenue at Huawei's consumer unit, which sells smartphones and other devices, surged more than 17 percent from the previous year.

Revenue at the firm's automotive solutions arm rose 2.3-fold.

Huawei Rotating Chairman Ken Hu says the company has managed to grow despite a challenging few years.