News from INVL Technology managed companies: NRD Companies reports significant growth in 2023
09 Maggio 2024 - 8:30AM
UK Regulatory
News from INVL Technology managed companies: NRD Companies reports
significant growth in 2023
May 9th, 2024 – NRD Companies, a global IT and
consulting group of companies specializing in governance, economic
digital infrastructure development, and subject matter consultancy
services, has released its 2023 annual report, showcasing
remarkable growth and strategic achievements.
In 2023, NRD Companies maintained its focus on
developing dedicated products and solutions for the E-Government,
Banking, and Retail sectors, alongside providing subject matter
consultancy services tailored to its target markets in Africa, the
Caribbean, and Southeast Asia.
This strategic focus resulted in consolidated
revenue of EUR 10.985 million, marking a substantial year-over-year
growth of 36%. The company also reported a consolidated operating
profit of EUR 1.135 million, a significant increase from EUR 0.2
million in 2022. Moreover, the EBITDA of the NRD Companies group
reached EUR 1.36 million, reflecting a remarkable 6.4 times
increase compared to the previous year's figure.
NRD Companies’ consolidated revenue increase has
been attributed mainly to a revenue increase from two strategic
business lines: e-Registries and Tax Administration where the
company develops and implements its proprietary products URP
(Unified Registry Platform) and VFDMS (Virtual Fiscal Management
System) and provides subject matter consultancy services. These
innovative solutions have played a pivotal role in driving the
company's growth and success in the market.
In the Tax Administration business line, revenue
surged by 211% compared to 2022, fueled by the acquisition of
pivotal digital transformation contracts. Key highlights included
the deployment of a Virtual Fiscalization solution for the Zimbabwe
Revenue Authority and an e-Filing Solution in Lesotho, among
others.
Similarly, revenue from the e-Registries
business line witnessed a 28% increase, with notable projects such
as Population Registration platform for the Ministry of Finance in
Belize and Business Registry implementation for the Lao Ministry of
Industry and Commerce.
In 2023, NRD Companies demonstrated its
expertise as a leading provider of E-Government and tax-related
consultancy services in the Caribbean. This was exemplified by the
successful completion of a technical consultancy project for The
Ministry of Finance of Trinidad and Tobago, aimed at enhancing the
efficiency of existing taxation systems. Additionally, NRD
Companies initiated a Technical Advisory Services project to
establish a Developers‘ Hub (D’hub) for the Ministry of Digital
Transformation in Trinidad and Tobago, further solidifying its role
in driving digital innovation in the region.
In Africa, NRD Companies undertook a feasibility
study to expand access to digital government services throughout
Kenya, leveraging its extensive network of postal offices.
Furthermore, the company provided consultancy services to the
External Resource Mobilization and Economic Relations Division of
the Ministry of Finance in Ghana, contributing to the development
of effective governance and economic strategies.
Mindaugas Glodas, CEO of NRD Companies,
emphasized the significance of these achievements, stating, "The
successful completion of projects in emerging markets underscores
our expertise and commitment to supporting digital transformation
initiatives and fostering sustainable development across diverse
regions. As we look ahead to 2024, we remain dedicated to driving
innovation and sustainability.”
In addition to its operational successes, NRD
Companies actively contributed to international dialogues and
events, further solidifying its position as a global leader in
digital infrastructure development and subject matter consultancy
services.
About NRD Companies
NRD Companies is a global IT and consulting
group of companies, specializing in governance and economic digital
infrastructure development. Headquartered in Norway, the group
unites companies operating in Fintech, GovTech, and practice-based
consulting areas in aiding countries to reach UN sustainable
development goals. NRD Companies has a successful track record of
implementing projects, such as e-service delivery platforms,
national post digitalization, tax administration platforms, and
other digital solutions, on all 5 continents. The Group is a
recognized leader in the industry and is controlled by the INVL
Technology UTIB.
NRD Companies is a parent company for the
following subsidiary corporations: Norway Registers Development AS,
NRD Systems, ETRONIKA, Infobank Uganda.
http://www.nrdcompanies.com/
The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas
E-mail k.tonkunas@invltechnology.lt
- NRD_Companies_2023_results
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