NRD Companies revenue grew 15% in the last 9 months

NRD Companies, a group of companies specialising in global information technology and consulting, reports that its consolidated 9-month revenue of 2020, as compared with the same period last year, grew from EUR 4.735 thousand to EUR 5.465 thousand, with its net unaudited profit currently at EUR 298.6 thousand, compared with a net loss of EUR 160.2 thousand last year.

Despite the COVID-19 pandemic, NRD Companies continued developing public sector management and economic digital infrastructure projects in 22 countries, including Lithuania and places as remote as Mauritius, Uganda, Bangladesh, Samoa, and Eastern Caribbean. Compared with January–September 2019, the Group’s aggregate revenue in the Lithuanian market fell by 12.1% but rose by 47.6% with respect to foreign markets.

“The digital solutions we devise and implement play a strategic role in the development of the countries we operate in,” says NRD Companies CEO Mindaugas Glodas. “This becomes very apparent during a recession,” he adds, “when digital service delivery platforms become more important than ever before. For example, on the basis of our GxP Customer-Centric Service Delivery Platform, we are able to provide the government of Barbados with a personalised digital service solution that will optimise their resources and help develop digital services previously unavailable in the country. In the Samoan Islands, meanwhile, we are currently developing a strategic plan of the national identification infrastructure. This infrastructure is intended to provide the Samoan people with digital access to various social services and lay the groundwork for the country’s digital economy. Zanzibar is yet another example. On behalf of the Zanzibar Revenue Board, we are completing the implementation of our VFD, a new-generation sales tax administration system. With this system in place, the Zanzibar Revenue Board will have the means to curb the shadow economy and collect taxes promptly and transparently. We can see that the pandemic not only did not make countries recall such projects – it actually propelled them to forge ahead.”

NRD Companies was able to successfully continue working on its projects thanks to the new remote working methodology. According to Mr Glodas, although the lack of lively on-the-ground communication does present a bit of an obstacle in launching products in remote markets, the innovative remote working methodology allows us to maintain smooth operations with the existing clients.

“When you meet clients face to face, present your products and services and have the opportunity to chat and form an emotional connection, working with them is always easier,” Mr Glodas says. “But we are now working remotely. And although this requires a more intense level of communication with our clients, we as well as our client countries have been able to adapt,” he adds.

Q3 of 2020 at NRD Companies is also marked by active dissemination of pioneering ideas. Over the last three months, the Group ran four webinars and e-conferences, where its own experts, as well as those from the World Bank and the European Commission, met with public sector decision-makers to introduce them to latest technologies and their capacity to improve not only people’s lives but also the business environment in accordance with the UN Sustainable Development Goals. The last of the e-conferences, dedicated to digital identification and its benefits, was attended by a total of 186 representatives from 56 different countries. The upcoming international webinar, with the topic of effective tax administration in online sales, is scheduled for November.

NRD Companies also gained further recognition this quarter. The personal income tax declaration guide, which was developed by NRD Systems, one of the group’s companies won the title of the Best Solution for Lithuania.

The group’s companies are constantly striving to develop new products and provide innovative services. This year, NRD Companies successfully developed or substantially updated some of their technology solutions, such as the GxP customer-centric service delivery platform, the KASU POST, a robust solution for improving the operational efficiency of post offices, the VFD, a new-generation virtual fiscal device management system for optimising tax administration and curbing the shadow taxes and the Unified Registry Platform, a system that automates standard registration procedures.
 
About NRD Companies
NRD Companies is an international group of information technology and consulting companies that specialise in the development of public sector and digital infrastructure solutions. The group’s companies focus on financial and governmental technology solutions and practice-based consultancy to help countries around the world achieve the United Nations Sustainable Development Goals. NRD Companies, as part of the INVL Technology group, is a recognised market leader that operates on all five continents. The group of companies has successfully implemented electronic service and tax administration platform projects, as well as the digitisation of national post offices and a number of other digital solutions.

The NRD Companies group has the following subsidiaries: Norway Registers Development AS, NRD Systems, NRD Rwanda, NRD Bangladesh, ETRONIKA and Infobank Uganda. More information: https://www.nrd.no.

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