News from INVL Technology managed companies: In the first half of 2023, NRD Companies expands its global footprint and reports significant revenue increase
11 Septiembre 2023 - 1:00AM
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 CompaniesNRD
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.
http://www.nrdcompanies.com/
The person authorized to provide additional information:INVL
Technology Managing PartnerKazimieras
TonkūnasE-mail k.tonkunas@invltechnology.lt
- NRD_Companies_2023_H1_results
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