Skip to main content

News from INVL Technology managed companies: NRD Companies Reports 6% Revenue Increase in 2020

NRD Companies has reported a 6% revenue increase in 2020—from €6,6 million in 2019 to almost €7 million last year. EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 3.5 times, from €166.000 to €602.000.

The group, which provides IT solutions for the public, financial and retail sectors, also reports that it has succeeded in significantly expanding the geography of its projects. Last year, the company carried out projects in 27 countries around the world, while over the last three years it has worked in a total of 37 countries.

NRD Companies has also entrenched in the Caribbean market. Revenue from this region grew by 40% compared to 2019. In 2020, the group implemented several projects in the region, including developing a strategy, an action plan, and a concept for a unique digital identification system for the Organization of Eastern Caribbean States (OECS)—Grenada, Dominica, Saint Lucia, and Saint Vincent and the Grenadines. Meanwhile, in Anguilla, the group prepared a strategy for the implementation of a digital business register, aiming to facilitate local business expansion and help attract foreign investment. In Barbados, the company implemented an e-government service delivery platform, facilitating access to government services for citizens and businesses.

NRD Companies revenue increased in Africa as well: aggregated revenue grew by 61% as the group continued working on ongoing and new projects. For example, together with Private Sector Foundation Uganda, NRD Companies devised a digital transformation plan aimed at streamlining microfinance supervision and regulation processes for Uganda Microfinance Regulatory Authority.

“A healthy relationship between the private and public sectors, as well as listening to citizens’ interests is becoming increasingly important both in promoting financial inclusion and opening access to vital public services,” said Mindaugas Glodas, CEO at NRD Companies. “All of the group’s projects are aimed at closing the digital divide and helping emerging economies to develop more sustainably.”

“For example, last year we prepared a digital identity management system implementation strategy for the Samoan government, which will allow its citizens to access public services, while at the same time enabling the government to save on operating costs of serving citizens. The system will also allow citizens to acquire one of the fundamental human rights—the right to be recognized as a person in a state governed by the rule of law. It will also help achieve the UN’s Sustainable Development Goals, mainly the one calling for providing a legal identity for all, including newborns, by 2030.”

NRD Companies also reports that it has strengthened its tax administration systems implementation and consulting business line. Revenue from the implementation of the tax administration and tax collection system VFDMS, as well as the implementation of personal income tax declaration systems and other related projects increased by 37%, compared to 2019. VFDMS solution has attracted the attention of countries seeking to revitalize the economy by lowering entry barriers for new businesses. Revenue from creating and implementing public and civil registers, as well as consulting governments, grew by 49%.

In addition to the aforementioned technological solutions for states and public institutions, the group also contributes to the digitization of national post offices and develops innovative products and solutions for banks, lending institutions, and retailers.

NRD Companies also carries out projects in Lithuania. Its personal income tax return wizard was recognized as the “Best Solution for Lithuania”, also winning the “Audience Favorite” award in the “Naujasis knygnešys 2020” competition, which selects the best IT solutions to represent Lithuania in the prestigious WORLD SUMMIT AWARDS WSA awards.

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, NRD Rwanda, NRD Bangladesh, ETRONIKA, Infobank Uganda. More information: www.nrd.no.

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt

Attachment

  • NRD_Companies_2020_results

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.