Although the 2020 first quarter financial indicators recorded a drop in the revenues compared to the same quarter of last year, OneTech group remains extremely confident in the future development of its activities.
The global health crisis caused by Coronavirus outbreak has already implied several negative impacts both on national and international economies especially on export companies.
The post-COVID-19 world is going to be very different.
OneTech group has certainly not been spared from the global impact of the pandemic, however it has managed to minimize the impact of this crisis on its exports.
Indeed we recorded an 18% drop of revenues during the first quarter, mainly due to the closure of industries in Europe during the month of March and a drastic drop in the local market which represents only 20% of the group total consolidated turnover.
In the first quarter we have focused on quality and productivity improvements with an investments envelope of 2.5 million dollars, more than 9% compared to last year’s same period investments.
In addition, the group’s overall debt has gone down by 12% compared to the last year’s level, going from 47 million dollars to 44 million dollars, a level that is relatively low compared to its equity allowing the group to have a very strong balance sheet.
The group has implemented a very strict health protocol to ensure perfectly safe working conditions and has contributed to the national efforts to equip several hospitals to fight the pandemic.
Even though the COVID-19 pandemic constitutes an unprecedented challenge with very severe long-lasting economic consequences, still there may be an opportunity to focus on how to emerge better positioned for the post Covid-19 period.
Automotive suppliers are gradually resuming production and restarting orders that we are ready to fulfill now that we are back on 100% level of production.
Likewise, the group is positioning itself to capture emerging opportunities in new markets such as the medical, industrial and the connected objects markets