Wednesday, August 5, 2020
Home Business finance COVID-19: 77% Businesses Face Drop in Revenue

COVID-19: 77% Businesses Face Drop in Revenue

77% companies have faced a revenue drop amid Covid pandemic

Around 77 per cent business organisations have witnessed a drop in their revenue as a result of the ongoing COVID-19 crisis, according to a recent global survey.

As per a joint survey by 720 Transform of Dubai, Prophecy FZLLC-Middle East and India-based Insights3D, around 7 per cent firms in India and the Middle East have registered an upward revenue growth, while about 16 per cent of the companies remained unaffected.

Follow NewsGram on LinkedIn to know what’s happening around the world.

Around 282 executives, including CEOs and MDs from across industry segments were interviewed for the survey.

Out of the negatively impacted companies which recorded fall in revenue, 30 per cent companies logged an over 50 per cent drop while another 30 per cent firms recorded 30-50 per cent decline.

77% companies face revenue drop amid Covid pandemic
Though 7% firms in India and the Middle East have registered an upward revenue growth. Pixabay

The report said that around 30 per cent of the companies surveyed will need to undertake drastic measures such as higher levels of rationalisation, sale or merger.

Commenting on the report, Raja Marur of Prophecy FZLLC said: “Our belief that a new normal is being envisaged has been validated by the survey. Further, the impact to organizations varies by scale and level of global integration of their supply chains.”

Also Read: This Day, That Year: Hima Das Won 400m Gold Under-20 World Championship

Most leaders foresee a new normal in terms of remote working and decentralization, coupled with process automations and an increased reliance on artificial intelligence and analytics, the survey showed. However, these changes are likely to pose challenges in governance structures as also in communication lines and objective performance management.

Businesses see challenges with regards to demand, liquidity and availability of finance with MSMEs being the hardest hit amongst all, the survey found. (IANS)

STAY CONNECTED

18,960FansLike
362FollowersFollow
1,782FollowersFollow

Most Popular

Vaani Kapoor Would Love to do a Biopic on Kalpana Chawla

Actress Vaani Kapoor would love to do a biopic and says it would be an absolute honour for her to play astronaut Kalpana Chawala...

Sonali Bendre: Lockdown Has Given Me No Alternative But to Become Tech Savvy

Actress Sonali Bendre Behl says the lockdown has given her no alternative but to become tech savvy. She adds that is happy to learn...

Sonu Sood: The Real Life Hero

By Venkatachari Jagannathan Sonu Sood, for the Tamil movie viewers, has until now been the actor who played the villain in "Kallazhagar" and several others....

Shoppers can Follow These Tips to Spend Worry Free Days at Malls

By N. Lothungbeni Humtsoe Malls are open and as the footfall starts to pick up, the only one who can ensure your safety on a...

Bacterial Infections May Elevate Risk of Heart Disease in Individuals With Diabetes

Researchers have found that bacterial infections may elevate the risk of coronary heart disease in individuals with type 1 diabetes. For the findings, published in...

Tips to Help you Combat Oral Health Issues

By Puja Gupta Foul breath can be a very embarrassing, putting one in an uncomfortable position. With a little bit of care, this common condition...

WhatsApp Launches ‘Search the Web’ Option to Cross-Check Forwarded Messages

WhatsApp has launched a new 'Search the Web' option that will enable users to check information shared to them via a forwarded message. The 'Search...

Early Blood Test Can Detect Baby Brain Damage Just Hours After Birth

Researchers, including one of Indian origin, have found that an early blood test could detect which babies deprived of oxygen at birth are at...

Recent Comments