News from INVL Technology managed companies: in the first half of 2023, NRD Companies expands its global footprint and reports significant revenue increase

NRD Companies, a global IT and consulting group of companies, specializing in governance and economic digital infrastructure development, has recently released its 2023 H1 report. The company’s consolidated revenue in 2023 H1 of €6.222 million was up 98% compared to 2022 H1. EBITDA (Earnings before interest, taxes, depreciation and amortization) increased to €567 thousand compared to €-359 thousand in 2022 H1.

NRD Companies’ consolidated revenue increase has been attributed mainly to a revenue increase from two main business lines: Registers and Tax Administration.

In 2023 H1 revenue from E-Registers business line increased by 139% compared to the corresponding period in 2022. Several new registers related projects were initiated in the first half of 2023 including the implementation, in Lao People’s Democratic Republic, of an electronic business registration system for the Ministry of Industry and Commerce as well as a Population Registration platform for the Ministry of Finance, Economic Development, and Investment in Belize.

A significant revenue increase was also recorded from Tax Administration sector clients with a 378% revenue increase in 2023 H1 compared to 2022 H1. This increase was attributed primarily to a significant project in Zimbabwe. The project, which aims to design and implement a virtual fiscalization solution for the Zimbabwe Revenue Authority (ZIMRA), and includes a one-off transaction for supply off third party hardware and licenses.

“2023 H1 saw a notable positive shift in market sentiment. Global organizations such as African Development Bank, the World Bank, Asia Development Bank and others have actively supported and funded government projects in Africa, the Caribbean, and Southeast Asia. This support has enabled NRD Companies’ clients to finance their digital transformation endeavors.” says Mindaugas Glodas, CEO of NRD Companies.

Looking to the future, there is a growing demand in the market, as many countries recognize deficiencies in their digital infrastructure and have outlined strategies for improvement. It is expected that international agencies will progressively increase funding for these initiatives, thereby assisting developing countries in reducing the digitization gap.

“We see a notable increase in focus amongst developing countries on addressing limited access to finance, particularly in remote regions. In addition, poor tax collection and informal economy are also common challenges for developing economies. Having both GovTech and Fintech development and consultancy branches, we are privileged to participate in these discussions and provide advice to governments regarding the integration of government e-services with financial solutions, encompassing areas such as payments, open banking, omnichannel approach, enhanced user experience, stability, and security. As an example, NRD Companies has recently completed  a project for the Ministry of Finance of Trinidad and Tobago, where the team provided technical consultancy aimed at improving the efficiency of the existing taxation systems and digitizing and simplifying the process of meeting tax obligations by individuals and businesses. “– concludes Mindaugas Glodas his statement.

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, 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.

Presentation of NRD Companies results for the 1st half of 2023.

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