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Integrated Micro-Electronics, Inc. (IMI), a global technology and electronics manufacturing expert held its annual stockholders’ meeting virtually via livestreaming from Globe Studios last April 15.
“Despite many challenges, IMI finished 2020 in a better financial position than the previous year, all while retaining its position among the top 20 electronics manufacturing solutions provider and achieving several key milestones that underscored the company’s operational flexibility and innovative approach,” said Jaime Augusto Zobel de Ayala, Chairman of the Board during the meeting. “Business performance recovered strongly in the second half as global manufacturing demand returned close to pre-pandemic levels,” he added.
The annual meeting was held via video conferencing due to the current global outbreak and with the modified enhanced community quarantine still in effect.
In the virtual forum, IMI President and Chief Executive Officer Arthur R. Tan reported the company’s performance highlights. “Over the last 40 years, IMI has lived through several major upheavals… These experiences have allowed us to anticipate other disruptions, set up the structures and systems to weather them, emerging stronger and wiser. Our experience in 2020, though severe, was no different. We responded with both agility and prudence to the challenges and the opportunities brought about by the current crisis,” said Tan.
“The first half of the year presented much uncertainty, but we were able to rebound strongly in the second half allowing us to deliver full year revenues of US$1.14 billion, down by just 8.8% from the previous year. By the second half of the year, business activities started to pick up and by the end of December, the purchasing managers’ index was already at expansion mode at 53.8,” he asserted. IMI also streamlined their operating structure while focusing on manufacturing efficiency, “we were able to reduce our net loss to US$3.5 million [in 2020],” Tan added.
“Amid these operational achievements, we had our utmost priority clearly in mind – our people. From the onset of the pandemic, our priorities were clearly established: protecting our employees’ health and safety, ensuring business continuity while supporting our partners and the community around us,” said Tan.
The company commemorated its 40th anniversary last year.