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.
The person authorized to provide additional information:
INVL Technology Managing Partner
Kazimieras Tonkūnas
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