Chinese chipmaker Semiconductor Manufacturing International Corp said that its revenue rose by 16.9 percent on a yearly basis to $981.1 million during the fourth quarter of last year, despite US government restrictions.

SMIC said gross profit stood at $176.8 million during the fourth quarter, compared with $199.4 million in the fourth quarter of 2019.

Gao Yonggang, chief financial officer of SMIC, said the company expects 2021 revenue to see mid-to-high single-digit percentage growth, on the assumption that its operational continuity is not significantly affected.

According to Gao, as SMIC was placed on the US Entity List, the company is restricted from procuring related US items or technologies. As a result, there are risks and uncertainties to its annual forecasts.

Gao said it will take time for some suppliers to apply for licenses to export products to the company, and there are uncertainties involved in the application processes.

Zhao Haijun, co-CEO of SMIC, said during a conference call on Friday that without the US government restrictions, SMIC could have maintained last year's record growth momentum.

The company will work hard to create new possibilities and opportunities in the face of crisis and changes, Zhao said.

According to the senior executive, at present, the foundry industry capacity is tight and in order to meet customer needs, the company's capital expenditure plan for this year is $4.3 billion, the majority of which is for efforts to expand its production capacity.

Zhao said the company is aiming to expand its capacity this year at its 12-inch fabrication plant by 10,000 wafers per month and by about 45,000 wafers per month at its 8-inch fabrication plant.

SMIC is among a group of pioneering Chinese companies that are working to sharpen their technological prowess. Founded in 2000, SMIC has successfully mass-produced a smartphone processor for Huawei with the 14-nanometer manufacturing process, marking a breakthrough in the Chinese mainland's push to boost its chipmaking industry.

According to data provided by Bloomberg, among SMIC's 38 biggest customers, the Chinese mainland accounted for 34 percent of the total as of August, and the United States accounted for 24 percent.

Yang Lei, managing director of Northern Light Venture Capital, said earlier that competitive Chinese chip companies have become the darlings of investors amid concerns that the US government may further tighten restrictions on key semiconductor technologies.

As Chinese makers of smartphones, personal computers and servers grow into major players in the global technology arena, they also recognize the need for localized or in-house chip suppliers to help them better differentiate their products, Yang said.