The company experienced challenges during the COVID-19 (coronavirus) pandemic
The company was forced to adapt to changes in its end markets due to the drop in oil prices during the COVID-19 (coronavirus). The plunge in oil prices, which stemmed from a lack of demand, adversely affected company operators. In that regard, due to the economic uncertainty and mindset shift to work-from-home, many developers decided to shift away from corporate real estate projects, put things on pause and rethink their business models. Moreover, due to the volatile nature of oil prices, many orders were canceled by gas and oil operators, which contributed to an estimated 45% in the company’s 2020 orders compared with 2019.
COVID|ESGIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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