September 15, 2022. NRD Companies, a global group of information technology companies, specializing in the creation of GovTech and FinTech solutions and the provisioning of subject matter consultancy services, has recently released its H1 2022 report. The group’s revenue in the first half of 2022 decreased by 6 percent, compared to the same period in 2021 - from 3.3 million to 3.1 million EUR. EBITDA (earnings before interest, taxes, depreciation and amortization) decreased from 204 thousand to -359 thousand EUR. That said, revenue from the retail sector grew by 119%, while the E-Government sector decreased by 15% compared to 2021 H1.
“The ongoing long-term effects of the Pandemic in Southeast Asia and Caribbean regions have manifested themselves in the cancellation or postponement of a number of projects. Despite that, NRD Companies have pursued a strategy of ensuring sustainable business growth for 2022 and beyond. We continued to invest heavily in expanding the Consultancy department by proceeding to recruit subject matter experts in Digitalization of public services; Development of Business, Civil and other registers; Digital ID and Digital Signature; Digital Inclusion and other areas. This strategy worked, as during the reported period the company’s consultants have started or continued developing long-term projects, ranging from periods of 5 months to 4 years. These include ICT strategies and the provision of business registry assessments in several countries including Sint Maarten, Commonwealth of Dominica, Trinidad and Tobago, Palestine, Guyana, and Somalia,” says Mindaugas Glodas, CEO of NRD Companies.
NRD Companies also managed to retain its most valuable asset – personnel. Even more, the group hired new technical and business development experts, increased salaries and invested in employees’ skill building and improved methodologies in order to increase productivity. Significant investments have also been made in the development of URP (Unified Registry Platform), an internationally proven platform for building advanced registry solutions under various jurisdictions, aimed at reducing implementation costs and increasing value for customers.
NRD Companies has begun to implement a series of consultancy projects in various countries, including the development in Lithuania of the smart electronic cash register system (iEKA project) for the Lithuanian State Tax Inspectorate. In addition, NRD Companies is continuing to implement the Business e-Register platform in Belize, is pursuing many other projects, and is already in the negotiation phase for new projects in its core domains: E-Registers; E-Governance; E-Services; Tax Collection; Smart Retail; Digital Banking.
“Our teams are well poised to perform development, implementation and consultancy projects in our target markets i.e. Africa, Southeast Asia and the Caribbean. In the first half of 2022, the group implemented projects in 29 countries. We will continue to adhere to our objective to remain a leading E-Registries solutions provider alongside providing accompanying advisory solutions needed to transform developing countries,” concludes Glodas.
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-registers, 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, ETRONIKA, Infobank Uganda. More information: www.nrdcompanies.com