INVL Technology generates EUR 1.5m net profit in three quarters of 2021
INVL Technology, a company investing in information technology businesses, increased its equity by 4.6% (EUR 0.13 per share) in the first three quarters of the year to EUR 35.26 million, or EUR 2.90 per share.
INVL Technology generated a net profit of EUR 1.54 million over the three quarters as compared with a net profit of EUR 0.91 million in the same period last year.
The aggregate revenue of the companies managed by the INVL Technology decreased by 7.7% in the first nine months of this year compared to the same period last year and amounted to EUR 24.4 million. Despite a fall in revenues, gross profit increased by 3.7%. However, the result generated demanded higher operating costs, resulting in a 26.9% decrease in aggregate EBITDA to EUR 1.82 million.
"A recovery in foreign demand in the third quarter, the digital transformation in the business sector andthe Recovery and Resilience Facility (RRF) in the European Union provide a positive outlook for NRD Companies and the Novian Group for the last quarter of this year and for 2022.
“NRD Cyber Security's revenue grew 1.8 times and operating profit increased 3.8 times year-on-year to EUR 0.5 million in the first three quarters of this year," said Kazimieras Tonkūnas, Managing Partner at INVL Technology.
Novian Group, controlled by INVL Technology, has expanded its software development competencies in the fields of aviation, transport and energy.On 22 October 2021, Elsis PRO, an information systems and software development company, joined the Group following the completion of a 100% acquisition. In 2020, Elsis PRO generated revenues of EUR 2.6 million, 18.3% more than in 2019. The company's EBITDA reached EUR 275,000 last year, or 2.2 times the amount the year before.
INVL Technology companies are currently active in three areas. Norway's NRD Companies AS are operating in the area of business climate improvement and e-governance, including its subsidiaries: Norway Registers Development AS with a branch in Lithuania, Lithuania's NRD Systems UAB, Etronika UAB, Rwanda's Norway Registers Development Rwanda Ltd and the associated company in Uganda, Infobank Uganda Ltd.
Novian Group operates in the area of IT infrastructure and software services: Novian UAB in Lithuania with the technologies businesses Novian Technologies UAB, Andmevara Services OÜ in Estonia and Andmevara SRL in Moldova, and the software services businesses Novian Systems UAB, Elsis PRO in Lithuania and Andmevara AS in Estonia, as well as the digitisation and media monitoring software provider Zissor AS in Norway. NRD Cyber Security UAB is active in the field of cyber security and its subsidiary NRD Bangladesh Ltd.
INVL Technology started operating as a closed-ended investment company (UTIB) in July 2016. Its management has been taken over by INVL Asset Management, part of Invalda INVL, one of the leading asset management groups in the Baltic states. INVL Technology is set to remain operational until 14 July 2026.