DIMO, the leading conglomerate, emerged as the overall Gold Award Winner (shared) at the recently held prestigious CMA Excellence in Integrated Reporting Awards 2023, organized by the Institute of Certified Management Accountants (CMA) of Sri Lanka, bagging 04 awards in total.
The ‘CMA Excellence in Integrated Reporting Awards 2023’ marked the 9th consecutive year of recognition for this distinguished event, hosted at the Taj Samudra Hotel, Colombo. In addition to the top award, DIMO was recognized among the ‘Top Ten Integrated Annual Reports’. DIMO also won the ‘Special Award for Best Concise Annual Report’ and the ‘Special Award for Best Integrated Thinking’.
Ranjith Pandithage, Chairman of DIMO, shared his thoughts on the company’s achievement, stating, “At DIMO, we believe in the power of integrated reporting as a tool for fostering trust and showcasing the holistic value we create for our stakeholders, to fuel their dreams and aspirations. This award is a recognition of our dedication to the highest standards of corporate reporting, highlighting not just our financial performance but also our environmental, social, and governance (ESG) initiatives.”
DIMO’s 22/23 Annual Report, the 13th integrated report, was themed “Accelerating into the Future” and featured a range of new initiatives.
Notably, it marked the debut of DIMO’s first Micro-site within its annual report, offering stakeholders an immersive and engaging digital experience. Demonstrating its commitment to sustainability, the company adhered to the Sustainability Accounting Standards Board (SASB) as one of the five assurances in its 22/23 annual report, further enhancing levels of transparency. This annual report featured the integration of visual and auditory-based customer testimonials and business cases.
The company segregated its traditional monetized capital report into two standalone reports, one dedicated to manufactured capital and the other for financial capital, enhancing the depth of insights offered. Additionally, the company introduced sustainability Key Performance Indicator (KPI) updates that aligned seamlessly with the company’s journey towards fulfilling the sustainability agenda for 2030, through this annual report. These highlights collectively underscore DIMO’s dedication to innovation and transparency in its reporting practices.
Integrated reporting, a concept introduced in 2010 by the International Integrated Reporting Council (IIRC), is designed to enhance transparency in corporate reporting, focusing on stakeholder value creation, preservation & erosion. DIMO became a pioneer in Sri Lanka as well as in Asia adopting an integrated reporting concept in its 2010/11 annual report. This approach has allowed the company to view its business and value creation process from fresh perspectives, emphasizing stakeholders’ interests and holistic management.
DIMO’s journey in integrated reporting has evolved through different phases of development. From initially focusing on report completeness, the company advanced to prioritize value creation, and more recently, elevated its standards to align with internationally acclaimed integrated reports. This latest phase aims to showcase how DIMO manages its organization, practices, integrated thinking and adheres to the integrated reporting framework. This commitment to excellence has consistently propelled DIMO to the forefront of the integrated reporting sphere.
Image Caption: DIMO Team receiving the Gold Award.
Diesel & Motor Engineering PLC (DIMO) is involved in a number of related fields and represents many prestigious principals – Mercedes-Benz, Siemens, Jeep, KSB, TATA Motors, MTU, Komatsu, Michelin, Zeiss, MRF, Bomag, Claas, TK Elevator, Mahindra Tractors and Stanley to name a few. From a company known for vehicles, DIMO today has diversified into many areas. Medical Engineering, Building Management Systems and Services, Power Generation and Distribution, Material Handling, Storage and Warehouse solutions, Power Tools, Agricultural Equipment, Total Lighting Solutions, Power systems and Generators, Refrigeration, Ship Repairing and Driver Training Courses are some of the areas into which DIMO has entered during the past few decades. DIMO has also diversified into fertilizer and agriculture input market. DIMO successfully entered into overseas markets in the Maldives and Myanmar, by expanding their Marine and General Engineering services through partnerships in the Maldives and their automobiles and automobile servicing segments into Myanmar. DIMO is currently working to consolidate on current overseas operations with new markets in East Africa.