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IMI Remains Bullish Amidst Headwinds
April 20, 2023 | IMIEstimated reading time: 1 minute
Integrated Micro-Electronics, Inc. (IMI), a leading global technology and electronics manufacturing solutions expert announced total revenues of US$1.4 billion, an 8.3% increase year-on-year during its hybrid annual stockholders’ meeting held this morning. The company’s profitability improved with an increase in gross profit margin compared to the previous year. The session was held at the Fairmont Hotel, Makati, Metro Manila.
Despite the worldwide electronics component crisis and international conflicts in the year 2022, the upswing was driven by IMI’s wholly-owned sites, a significant growth compared to the past year.
“Our program wins remain highly encouraging. We ended 2022 with an annual revenue potential from new wins amounting to US$352 million. As the eighth largest automotive EMS company globally, we are proud to see how major Automotive Tier 1 suppliers, OEMs, power semiconductor companies, and heavily funded start-ups continue to trust and rely on us for technologies and design related to the electric vehicle ecosystem and vehicle electrification,” asserted Arthur R. Tan, chief executive officer asserted during the annual meeting.
“To mitigate headwinds in the electronics component supply, the surge of demand for connectivity solutions and the rising raw material prices, our management teams across the globe worked tirelessly while preparing various contingency plans and enacted several programs that drove operational efficiency. Overhead costs were improved and we were able to overcome the challenges of competitive labor markets,” articulated Jerome Tan, president of IMI.
The company continues to establish itself as a vital cog in the technological space while pushing the development and adoption of electric vehicles, automated driving, connectivity, and smart energy. “In the past two years, half of our new customer pipeline wins in the mobility space were from dedicated electric vehicle (EV) projects. We have partnered with Zero, a global leader in EV motorcycles, which will be served by our facilities in the Philippines. We shall also continue to expand to bring in more business to our ebike program in Bulgaria. Further to that, IMI will continue to support the adoption of EVs worldwide and serve the rest of the EV ecosystem through the development of various charging platforms,” added Jerome Tan.
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