Switzerland: 14% of companies made more profits during Covid-19
Switzerland: 14% of companies made more profits during Covid-19
Fintech

Switzerland: 14% of companies made more profits during Covid-19

By Amelia Tomasicchio - 1 Dec 2020

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According to a recent report by HSBC Bank, 14% of companies in Switzerland earned much more during the Covid-19 pandemic.

HSBC interviewed as many as 10,000 companies from 39 different countries, concluding that 14% almost “benefited” from the period by increasing their profits, while 17% said they would recover by the end of the year.

Meanwhile, in the rest of the world, it was only 8% of companies that had increased profits during the Covid-19 lockdown and uncertainty period.

Switzerland, why companies companies made more profits during Covid-19

However, the reasons for this increase in profits are related to the reduction in costs (43%), so perhaps staff cuts.

For 31%, on the other hand, this increase in earnings is due to improved products and services, while 23% is due to increased consumer demand (probably, although not specified in the study, pharmaceutical and hygiene products).

Jean-Manuel Richier, CEO of HSBC Bank, explained:

“Companies in Switzerland have come remarkably resilient in weathering the turmoil brought by Covid-19. They face the same storm, but they are not in the same boat. Different sectors face unique challenges, and we see this shaping decisions to invest, to embrace technology and to target future growth. What they all recognise is that responsibility, resilience and reputation underpin long-term success. Getting this right is challenging, but the potential commercial and societal benefits are vast.”

Also in Switzerland, 23% of companies have seen a decrease in demand from clients, who may have cut their expenses in terms of unnecessary goods.

1 company out of 5 in Switzerland (19%) is scared by the morale of its workers: in particular, this response has been given by those involved in online business and services.

Finally, 93% of companies worldwide have had problems with their supply chain as deliveries have slowed or costs have increased.

 

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and Business Developer at Huobi for the Italian market.

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