The EMS services provider from the Philippines, Integrated Micro-Electronics (IMI) announced growth of 24% during 2018, to a close consolidated revenues of US$1.35 billion. The company posted a net income of US$45.5 million, 34% higher than the prior year. Gross profit grew 5%, however, gross profit margin declined to 10.1% from 11.9% partly due to tight supplies of electronic components.
IMI is a wholly-owned subsidiary of Ayala Corporation and wad ranked 18th in the list of top 50 EMS providers in the world by the Manufacturing Market Insider (March 2018 edition), based on 2017 revenues. From its manufacturing plants in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Serbia, United Kingdom, Mexico and the United States, IMI provides engineering, manufacturing, and support for the Electronics industry.
IMI’s traditional business delivered US$1.04 billion revenues, a growth of 16% while recently acquired companies, VIA and STI, accelerated further with annual growth of 61%, posting a combined revenue of US$312.4 million. The Industrial segment grew 41% and the Automotive segment by 21% in 2018, while strong activities firmed up for strategic opportunities in Aerospace.
Arthur Tan, IMI chief executive officer, said, “2018 was a challenging yet exciting year. Although the company was affected financially by the global component shortage issue, we are confident that the choices we made years ago were the right decisions. We remain committed in our strategy to develop complex and high value products that allows us to remain relevant in our target markets.”
During 2018, the business pipeline expanded with US$320 million new project awards, 72% of which are for automotive applications. “This drive us to be a critical contributor to the digital car of tomorrow,” Tan added. Last year, IMI spent US$65.0 million on capital expenditures to build more complex manufacturing capabilities.