News from INVL Technology managed companies: NRD Companies Reports Revenue Increase In 2022

In 2022, NRD Companies concentrated its efforts on offering consulting services and implementing digital solutions in the Caribbean, Central American and African regions while seeing an uptick in its global brand recognition.

NRD Companies, a global IT and consulting group of companies, specializing in governance and economic digital infrastructure development, and the provisioning of subject matter consultancy services, has recently released its 2022 annual report. The company's consolidated revenue in 2022 of €8.079 million was up 27% from the previous year. EBITDA decreased to €211 thousand compared to €297 thousand in 2021.

Revenue increased in 2022 as a result of the company’s vastly improved performance in several strategic directions: E-registers, E-services and finance, implementation of digital solutions, and the provision of consulting services. It is noteworthy that market conditions gradually improved in 2022 following a challenging pandemic-related 2021.

Mindaugas Glodas, CEO of NRD Companies comments that “2022 was a busy year of digital transformation projects in the E-Registers and Public E-Services domains as well as in capacity building consultancy projects in our strategic geographic regions: Caribbean, Central America and Africa. In Anguilla we carried out a fully remote  implementation of a national business e-registry system. This project proved that not only our staff is capable of remote project management but that our clients are receptive to this development as well. In Belize, we implemented the Online Business Registration System (OBRS). I am extremely  proud of our client, the Belize Financial Services Commission, and the NRD Companies team as the project gained global recognition and was selected as a  In Trinidad and Tobago, we developed a national E-payment strategy which will act as a foundation for additional national reforms aiming to improve tax collection within the country; in , Sint Maarten, we have been working intensively on a 4 year long project of developing a nationwide E-government infrastructure; and in an ongoing project in Ghana, we are providing consulting services to the Ministry of Finance’s External Resource Mobilization and Economic Relations Division for the development of a corporate strategic plan and organizational policy manuals.”

Commenting on the EBITDA decrease, Mindaugas Glodas referred to the 14% increase in payroll cost. In addition, an increase in subcontracting costs also played a relatively significant role.

The company was also included in Forrester's "The Digital Banking Engagement Platforms Landscape," further solidifying its position as a leader in the industry, while gaining global attention from major media outlets such as Bloomberg, The Wall street Journal, The Paypers, and others. ​

“Despite the challenges faced in 2022, NRD Companies demonstrated solid growth in revenue and maintained the trust of its customers. The products developed by our group of companies, in addition to our consulting services provided throughout 2022, assisted many growing economies to reduce the digital divide and implement digital innovations. This will result in major improvements to the provision of government services in 2023 and beyond, and will have a significant impact on areas such as ease of doing business, financial security, financial inclusion, and overall quality of life. Our successful projects in Caribbean, Central American and African countries are testimony to our expertise, our experience working in those regions, and the trust we have built with our clients. These accomplishments are also inline with the UN's sustainable development goals. In 2023, NRD Companies will continue to adhere to its objective to remain a leading solutions and consultancy provider in support of transforming developing countries.” concludes Glodas.

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 have a successful track record of implementing projects, such as e-service delivery platforms, national post digitalization, tax administration platforms, and other digital solutions, in 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. More information: 

The person authorized to provide additional information:

INVL Technology Managing Partner

Kazimieras Tonkūnas

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