News from INVL Technology managed companies: NRD Companies' strategic focus yields stable 2024 H1 EBITDA performance

September 12th, 2024 – NRD Companies a global IT and consulting group of companies specializing in governance, economic digital infrastructure development, and subject matter consultancy services,  has announced its 2024 H1 results, highlighting stable EBITDA and key achievements across public and private sector clients, with a focus on Registry, Tax, and other E-Services authorities in Africa, the Caribbean, and Southeast Asia.

With nearly 30 years of subject matter expertise and proprietary solutions, NRD Companies continues to drive digital transformation and deliver lasting value. The company’s potential of upselling to a stable customer base enhances business resilience and reinforces business continuity. Additionally, its strong portfolio of private financial sector clients further extends its market reach.

Financial Highlights for H1 2024

Revenue: NRD Companies reported consolidated revenue of €5.015 million for the first half of 2024. While this represents a 19% decline compared to €6.2 million in the first half of 2023 (consolidated revenue in 2023 H1 reachd €6,2 million and was up 98% compared to 2022 H1), the company has successfully maintained focus on increasing operational performance and stabilising EBITDA.

EBITDA: The company's EBITDA increased slightly to €589 thousand, up from €567 thousand in H1 2023, reflecting its ongoing focus on operational efficiency and cost management.

CEO Statement on H1 2024 Performance

Mindaugas Glodas, CEO of NRD Companies, commented on the financial results:

“NRD Companies has delivered a stable performance in the first half of 2024, maintaining a stable EBITDA and reinforcing our leadership in the target sectors. Our ability to sustain profitability during a period of revenue contraction highlights our operational resilience and strategic foresight.

In 2023 H1, we experienced historical growth. The company’s consolidated revenue in 2023 H1 of €6.2 million was up 98% compared to 2022 H1. Our focus for 2024 has been on maintaining this momentum by securing stable financial performance. A stable EBITDA is crucial for our stakeholders as it signifies that we are well-positioned to capitalize on emerging opportunities in the global market while effectively managing costs and risks.

We continue to lead the global market in E-Registries, Tax Solutions, and E-Services, driven by our industry-leading Unified Registry Platform (URP©) and Virtual Fiscal Device Management System (VFDMS©). With governments globally projected to allocate 7-15% of their IT budgets (World Economic Forum, World Bank) towards enhancing tax administration and digital registries in 2024, this aligns with the OECD's 2023 estimate of 5-10% investment in tax systems (OECD). Additionally, the International Business Registers Report (IBBR) highlights that over 80% of jurisdictions have embarked on digital transformation projects reflecting substantial investments in registry technology to improve efficiency, transparency, and compliance. NRD Companies is perfectly positioned to meet this growing demand with its cutting-edge products and expertise."

Focus on Global Project Implementation Excellence

In the first half of 2024, the NRD Companies team concentrated on ensuring the successful implementation of high-impact projects across a diverse range of countries. During this period, NRD Companies successfully executed more than 10 significant system development, implementation, and consultancy projects in nine different countries, including key initiatives in Trinidad and Tobago, Kenya, Lesotho, Zimbabwe, Belize, Laos, Sint Maarten, and Lithuania.

Global Recognition:

In a testament to NRD Companies' innovation and leadership in digital transformation, the Developers’ Hub (D’Hub) project, implemented in collaboration with the Ministry of Digital Transformation of Trinidad & Tobago, was recognized as a Champion in the 2024 World Summit on the Information Society (WSIS) Awards. This recognition highlights initiatives that create supportive environments for sustainable development through digital innovation. D’Hub stood out among over 1,000 submissions and 360 nominated projects, underscoring NRD Companies' role in advancing the United Nations’ Sustainable Development Goals (SDGs) and driving global digital transformation.

Key Business Segments

E-Registries:

Notable projects for 2024 H1 include the ongoing modernization of the Civil Registration and Vital Statistics (CRVS) system in Belize, which underscores NRD Companies' role in global digital transformation. In addition in Lao People‘s Democratic Republic, NRD Companies advanced the implementation of an Electronic Business Registration System to streamline business processes and support economic growth.

Tax Solutions:

The company’s Virtual Fiscal Device Management System (VFDMS©) remains in demand for  tax compliance and increased revenue collection. NRD Companies’ projects in Zimbabwe and Lesotho showcase the platform’s impact on improving tax data collection and reducing the grey economy.

Digital Services:

In addition to the internationally recognized Developers' Hub project in Trinidad and Tobago, which aims to promote digital innovation and economic growth, NRD Companies continued to provide management and consulting services and led the Sint Maarten Office of National Recovery Program's digital government transformation project. The project aims to improve the accessibility and efficiency of public services for citizens and businesses in the country.

In Kenya, NRD Companies carried out a feasibility study for the modernization of Kenya Post and developed a strategy for postal digital transformation. It aims to transform Kenya's postal network to serve citizens not only as a delivery network but also as a network for accessing digital public services. The project is financed by the Lithuanian Development Cooperation and Humanitarian Aid Fund.

Outlook for the Rest of 2024

Looking ahead to the rest of 2024, NRD Companies is committed to leveraging its expertise in Digital Public Infrastructure (DPI) to address global trends while focusing on upselling to existing clients. With increasing demand for digital governance solutions, particularly in the Global South, and support from organizations like the World Bank and United Nations, NRD Companies is well-positioned to capitalize on these opportunities. By offering scalable, secure, and adaptable solutions, and deepening client relationships through enhanced services, the company aims to drive growth and remain a leader in digital transformation initiatives worldwide.

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:

Kazimieras Tonkūnas

INVL Technology Managing Partner

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