China's largest telecommunications equipment supplier and services firm, Shenzhen-based Huawei Technologies, reports a whooping 34 percent increase in profits last year with goals to double the profits by 2018.

In the last four years of constant growth in profits, net profit for 2013 was at US$3.38 Billion (21 Billion yuan) as against US$2.51 Billion (15.6 Billion yuan) for 2012.

Like Us on Facebook

The Shanghai-listed company credits its growth to strong demand in China with the roll-out of 4G mobile telephone technology across the country. China alone accounts for a third of Huawei's total income.

Huawei chief executive Eric Xu credits "favorable global macroeconomic and industry environment, as well as the effective execution of our company strategy" for Huawei attaining business targets in 2013.

Xu is confident that revenue for 2014 will rise by 10 percent and profits will soar by US$70 Billion in the next four years.

From establishing a mark as developer and supplier of telecoms networking equipment, Huawei entered into a diversification campaign, into rapidly growing industries like the manufacture of smartphones.

Huawei claims that it manufactured and shipped sufficient units of smartphones across the globe, making it the third-largest smartphone maker after industry leader, Korean-based Samsung and the US-based Apple.

Huawei recently faced a slowdown in sales in Europe and from regulator scrutiny in the United States and Australia on data security concerns, but thanks to China's nationwide investments in the fourth-generation technology for mobile phones, the firm attained and sustained its profit projections.