Huawei saw net profit rise by 33 per cent in 2012, the Chinese telecommunications firm announced in its financial results for the year.
The profits were much improved on 2011, with the firm expecting to make a net total of 15.4bn yuan (£1.6bn). Global sales revenue has also grown year-on-year by eight per cent, with forecasts for 2013 predicting revenue will grow by a further 10 to 12 per cent.
The company expects "unprecedented opportunities for development of the ICT industry".
"Cloud computing is a huge sector in the next five years," Huawei chief financial officer Cathy Meng told investors.
"In the telecom industry, we are expecting a five per cent increase in capital investments. Smartphone penetration is still way too low and there is a lot of room for growth.
"So these three areas will create a lot of opportunities for us," she added.
Huawei wants to break into the smartphone market and is planning to launch devices in both Europe and North America this year. But with the US government, among others, labelling the Chinese firm as a security threat, breaking into Western markets could prove tricky.
However, the world's second largest technology firm has vowed to gain trust from foreign governments by sharing more information about its finances.
"In the future, we will also disclose other details, such as our board members' shareholdings," said Meng.
Last year, Huawei sought to improve its reputation - and dispel speculation over its supposed links to the Chinese government - by offering unrestricted access to software source code and equipment.