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Diesel & Motor Engineering

Diesel & Motor Engineering PLC
Company typePublic
CSE: DIMO.N0000
ISINLK0056N00008
IndustryRetailing
Founded1939; 85 years ago (1939)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Ranjith Pandithage (Chairman/Managing Director)
  • Gahanath Pandithage (Director/Group Chief Executive Officer)
RevenueDecrease LKR35,299 million (2023)
Increase LKR5,299 million (2023)
Decrease LKR698 million (2023)
Total assetsDecrease LKR39,562 million (2023)
Total equityDecrease LKR15,353 million (2023)
Owner
Number of employees
1,875 (2023)
SubsidiariesTropical Health Food (Pvt) Ltd
Websitewww.dimolanka.com
Footnotes / references
[1]

Diesel & Motor Engineering PLC, commonly abbreviated as DIMO, is a Sri Lankan conglomerate company. The company engaged in vehicle sales, after-sales services, retail, construction and logistics solutions and agriculture sectors. The company was founded in 1939 and was listed on the Colombo Stock Exchange in 1964. DIMO is one of the LMD 100 companies, a list of quoted companies in Sri Lanka by revenue and ranked 39th in the 2020/21 edition.[2]

History

The company was founded in 1939 by Stephen Peries, Pandithage Don Alexander, Cyril Algama and Harold Algama.[3] In 1945, the company was incorporated as a limited liability company. In 1961, DIMO started its partnership with Tata Motors. The company was listed on the Colombo Stock Exchange in 1964. DIMO expanded its business to Myanmar by establishing DIMO Lanka Company Limited in 2017. In 2018 the company ventured into the agricultural sector with the acquisitions of PlantChem (Pvt) Ltd and Plant Seed (Pvt) Ltd. These companies were DIMO's first acquisitions in its history.[1]

Operations

The company celebrated its 50-year partnership with Tata Motors in 2011.[4] DIMO launched DIMO 800, an after-sales centre for Mercedes-Benz in 2014. Mercedes-Benz Fashion Week was hosted at DIMO 800 by DIMO in 2017.[5] It is the largest after-sales centre in Asia with an area of 15,800 square feet (1,470 m2).[6] DIMO had to reduce margins to absorb the sharp depreciation of the Sri Lankan Rupee in 2018.[7] In 2019, the company's conglomerate brand value was LKR7,730 million and ranked 15th amongst conglomerates in Sri Lanka.[8] DIMO was adjudged as the overall winner in the sixth Excellence in Integrated Reporting Awards in 2020 organized by the CMA Sri Lanka.[9]

Sri Lankan economic crisis

Due to the Sri Lankan economic crisis, the company was unable to import vehicle kits from India. Since the ban on vehicle import, the company started assembling Tata Ace.[10] DIMO acquired Tropical Health Food Ltd., a fruit and vegetable exporting firm for LKR450 million. DIMO is shifting its focus on the agriculture sector due to the poor prospects in its core business area vehicle sales caused by the import ban on vehicles.[11] The diversification into the agricultural sector paid off with the company's agricultural sector results rose by 384 per cent to LKR600 million in 2021. However, the company raised concerns over the government's policy of banning inorganic and chemical fertilizers.[12] The company appointed Dilrukshi Kurukulasuriya and Rajeev Pandithage to the board of directors in June 2022. Before her appointment, Kurukulasuriya served as the chief human resources officer of the company. Pandithage joined the company as a management trainee and advanced through the corporate ranks.[13] DIMO was recognized as a great place to work for the ninth consecutive year at the Great Place to Work Awards in 2021.[14]

See also

References

  1. ^ a b "Annual Report 2022/23" (PDF). cse.lk. Diesel & Motor Engineering PLC. Retrieved 15 June 2023.
  2. ^ "Financial Profile". LMD 100. Media Services Pvt Ltd. Retrieved 15 June 2022.
  3. ^ "Diesel & Motor Engineering PLC". wsj.com. Dow Jones & Company. Retrieved 15 June 2022.
  4. ^ "DIMO and Tata Motors celebrate a legendary partnership of 50 years". The Sunday Times. Wijeya Newspapers. 5 June 2011. Retrieved 15 June 2022.
  5. ^ Pilapitiya, Tarini (22 October 2017). "Designed for the big stage". The Sunday Times. Wijeya Newspapers. Retrieved 15 June 2022.
  6. ^ "DIMO's new Mercedez Benz Centre of Excellence races ahead". newsfirst.lk. MTV Channel. 14 May 2014. Retrieved 15 June 2022.
  7. ^ "Mercedes dealer in Sri Lanka running thinner margins to boost market". Economy Next. Echelon Media (Pvt) Ltd. 20 June 2019. Retrieved 15 June 2022.
  8. ^ "Sri Lanka 100 2019" (PDF). brandirectory.com. Brand Finance. 2019. p. 15. Retrieved 15 June 2022.
  9. ^ "DIMO Overall Winner at CMA Excellence in Integrated Reporting Awards 2020". Daily FT. Wijeya Newspapers. 30 December 2020. Retrieved 15 June 2022.
  10. ^ Philip, Lijee (5 April 2022). "Auto companies slam brakes on Sri Lanka exports, production". The Economic Times. Bennett, Coleman & Co. Ltd. Retrieved 15 June 2022.
  11. ^ "DIMO buys fruits, vegetable export firm for Rs. 450 m". Daily FT. Wijeya Newspapers. 27 May 2022. Retrieved 15 June 2022.
  12. ^ "DIMO puts risk of rush to 100% organic on Govt. dashboard". Daily FT. Wijeya Newspapers. 2 July 2021. Retrieved 15 June 2022.
  13. ^ "Dilrukshi, Rajeev appointed to DIMO Board of Directors". Daily FT. Wijeya Newspapers. 2 June 2022. Retrieved 15 June 2022.
  14. ^ "DIMO shines at Great Place to Work Awards for the 9th consecutive year". The Island. Upali Newspapers. 6 December 2022. Retrieved 15 June 2022.
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