Integrated Micro-Electronics Inc. (IMI) is confident it can achieve its $1-billion revenue target for 2016 given the rapid growth in its products for automotive, industrial and telecommunications sectors.
Jerome Tan, IMI chief financial officer, reported that IMI saw an 11-percent increase in compounded annual gross revenue over the past four years while quarterly net income has been growing about threefold in the first nine months of 2014.
IMI’s revenues from January to September 2014 advanced 19 percent to $650.1 million from $547.1 million in the previous year while net income surged to $21 million from $5.3 million previously.
IMI President Arthur Tan said that the company will focus on its major profit contributors—automotive, telecoms and industrial—and ramp up its medical segment to boost revenues going forward.
For this year, the company is allotting P1.2 billion in capital expenditure, which will mostly go to its automotive segment.
This year’s capex will be financed by proceeds of its follow-on offering held in December last year. Last December 5, IMI offered 215 million primary common shares priced at P7.50 each, raising P1.6 billion in total.
The IMI president said the company is aiming to expand across the China plus One region, India and the Association of Southeast Asian Nations (Asean) as it mulls entering new markets in the next few years.
IMI currently has a presence in seven countries— the Philippines, China, Bulgaria, Czech Republic, Mexico, United States and Singapore.
In the first nine months of last year, the Philippines contributed 26 percent to total IMI sales, while 74 percent came from international operations, particularly 30 percent from China, 37 percent from Europe, and 7 percent from Mexico.
Started in 1980, IMI is an Ayala Corp. subsidiary engaged in the business of manufacturing semiconductors and electronic devices. IMI fully owns IMI International (Singapore) Pte. Ltd., IMI USA Inc. and IMI Japan Inc, while it holds an 83.25 percent stake in PSi Technologies Inc.