The International Paralympic Committee (IPC) has revealed its financial figures for the 2020 financial period, which include a revenue drop of 26.7% to €19.3 million (AUD$30 million).

In its report, the IPC claimed the drop in revenue was a direct result of the postponement of the Tokyo 2020 Paralympic Games due to COVID-19.

Despite the drop, the IPC returned a profit of $17,300 for the 2020 financial year after reducing budgets by at least 20%, with the biggest source of revenue being marketing and broadcasting.

The financial return from the hosting of the Tokyo 2020 Paralympic Games will not be shown in the organisation’s financial figures until the 2021 financial year report.

IPC president, Andrew Parsons, said: “In 2020, the pandemic meant the IPC faced our biggest crisis to date.”

“Yet through new ways of working and thinking, we continued to thrive as an organisation and as a movement.

“Faced with the unique challenge of replanning Tokyo 2020, our relationship with the IOC grew stronger than ever with the pandemic bringing both organisation closer together.

“The teamwork between IPC and IOC, as well as with Tokyo 2020, was extraordinary as a new blueprint for how to stage the world’s first and third biggest sport events during a pandemic was created from scratch.

“Thanks to a herculean effort by the whole team and cost-savings across the organisation, the IPC finished the financial year with a balanced budget achieved without the need for any external financial support, a tremendous achievement by all concerned,” Parsons said.

As part of the report, the IPC said it is in the process of developing its strategic plan for 2023-2026, with a focus on establishing a more sustainable way to further Para sport.