Dimitriou: How 15,000 air conditioners were ‘lost’ at sea

By George Lampiris

Significant impact on the sizes of G.E. Dimitriou SA, which is estimated to have reached 5 million euros, had delays in order deliveries due to problems in the supply chain and container deliveries. This corresponds to sales losses of about 15,000 air conditioners, which Dimitriou did not receive due to the current situation, according to what was reported by market executives with knowledge of the issue. In fact, last year, which had enhanced performance, could be an opportunity for Dimitriou to further strengthen its size and return to the market shares it lost from 2019 onwards, as it was a year in which the group with a turnover of 7.53 million euros.

In the recovery of G.E. Dimitriou in 2021 contributed decisively to the Quest Holdings group, which is expected after the approval of the consolidation plan by the Athens Court of First Instance, to become a shareholder of the majority of the company.

It is noted that already from 2019 the two companies are cooperating, with Quest having essentially undertaken the import and distribution of the air conditioners of G.E. Dimitriou and specifically of the Toyotomi brand, until the consolidation procedures are completed in order to proceed with a share capital increase and consequently in an injection of liquidity up to 20 million euros in the company, moves that will bring it to the next day. It should also be noted that among the brands that Dimitriou distributes, apart from Toyotomi, are Singer, Izola and Kerosun.

The return on turnover over 30 million euros

Nevertheless, the trading company of air conditioners Toyotomi – they are the first brand with a market share of 23% – managed to restore its turnover in 2021 to the level of 32 million euros, while it could move even higher , if the above-mentioned condition did not prevail. The fact of returning to a circle of over 30 million euros, is something that had to happen from 2017 for the General Assembly. Dimitriou when the turnover was 33.68 million euros, while in 2016 it was 34.51 million euros. We even remind that based on the business plan, as described in the consolidation plan of the company, there was an estimate to achieve a turnover of 30 million euros in 2022, which was finally achieved a year earlier and even exceeding this amount. .

It is noted that the turnover of the Dimitriou group increased during 2021 and from the price adjustments from 10% to 12%, as a result of the more expensive raw materials, transport and energy. In addition, however, another wave of growth of 12% is expected for these products in 2022.

Indicative of the skyrocketing prices in transport, is the fact that the cost for a 40-foot container (about 12 meters long), in January and February 2020 cost 1,500 euros to travel from Japan and China to Greece. Today the amount for the rental of containers reaches on occasion even 14,000 euros, according to market sources. This resulted, if for example a company paid for the import of 30 containers in the port of Piraeus at a cost of 45,000 euros a year ago, for which credit was given by Cosco, now the corresponding cost has risen to 420,000 euros this year resulting in the impossibility of repayment for the receipt of goods in the port of Piraeus.