NRD Cyber Security revenue increased by 22% in the first half of 2022

NRD Cyber Security’s revenue for the first half of this year amounted to €2.421M an increase of 22% on the same period in 2021. The company’s EBIT totalled  €217,000, which is 50.8% lower than in the same period last year.

The biggest impact on the net profit results of the NRD CS, a cybersecurity consulting, security incident response and technology development company, was due to payroll costs, which continued its upward trend compared to the same period last year.

In total, NRD Cyber Security’s sales revenue in Lithuania amounted to €2.047M which was 39.4% higher than in the same period in 2021. This growth was mainly driven by increased sales of the external security operations centre, CyberSOC, and cyber security consulting services.

The company’s revenue from sales in other countries in the first half of the year decreased by 26.8% to €374,000.

Throughout 2022, the Company continues to execute projects, focusing its business development and investments at foreign markets and expects to double its active sales of cybersecurity consulting services and private label products in international markets and improve its operating profitability later this year, as the last of the Covid related travel restrictions are lifted.

NRD Cyber Security estimates that it has completed the first half of this year with projects in 22 different countries around the world, including Lithuania.

Key projects implemented in the first half of 2022

In Malawi, the agreement with the International Telecommunication Union (ITU) was signed and the national CERT (mwCERT) was launched. This project has led to the development of a vision and service roadmap, a list of necessary processes and procedures, and the design of the necessary technology architecture.

A team of NRD Cyber Security experts in Kosovo supported the preparation for the creation of a CERT for the energy sector. The project included an assessment of the legal requirements and a proposal on the necessary team composition, roles, responsibilities, budget required, and target audience.

For the Uganda Banking Association (UAB), a project for the establishment of a Security Operations Centre was developed.

A comprehensive information security audit was launched for the Southern African Development Community (SADC).

SecureSoft, a Peruvian organisation offering cybersecurity solutions to South American markets, was re-audited.

In Rwanda, a cybersecurity capability maturity assessment was carried out using the Country Cybersecurity Maturity Model (CMM). The project was undertaken in collaboration with the Oxford University Cyber Security Capability Centre (GCSCC) and strengthens the Rwandan state’s capacity to define and prioritise a national cyber security development strategy and programme.

CyberSOC, a service of the External Security Centre, continues to be actively deployed in the Lithuanian market. Currently, the CyberSOC service is provided to organisations of all sizes and types – financial institutions, manufacturing companies, telecommunication companies, international and public sector organisations. In total, NRD Cyber Security serves 18 clients in Lithuania with this ongoing security service.

The company is increasingly developing its CISO advisory services, which is particularly relevant for companies in the financial sector. In the first half of this year, this type of service was provided to 6 companies.

NRD Cyber Security is part of INVL Technology, an information technology investment company listed on Nasdaq Vilnius AB (INC1L).

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