NRD Companies Group ends the first half-year with a profit increase

NRD Companies, an international information technology and consulting group, has announced an increase in profit during the first half of 2020. Engaged in public sector management and digital economy infrastructure development, the group has earned EUR 3.85 million in operating income, up by almost 18 percent from the EUR 3.26 million earned in the same period in 2019. In addition, its net unaudited profit amounted to EUR 211 thousand, while in the same period last year the company recorded a loss of EUR 150 thousand. The EBITDA has increased to EUR 420 thousand compared to EUR 18 thousand during the same period last year.

The unprecedented COVID-19 pandemic did not disrupt the activities of NRD Companies. Even though its customers in the retail segment were less optimistic in their response, suspending or withdrawing some of their IT investments, this did not affect the overall result. The group continued and initiated projects for consulting and implementating information technology systems in Senegal, Guyana, Kenya, the Eastern Caribbean, Samoa, Uganda, Zanzibar, Barbados, Lithuania, Latvia, Anguilla, the Cayman Islands and other countries. In the first half of 2020, the aggregate revenue of NRD Companies in Lithuania dropped by 21 percent compared to the same period in 2019, to EUR 1.3 million, while rising by 75 percent abroad. This was the result of the group's long-term strategy focused on foreign markets.

“In the first half of this year, we paid more attention not only to our traditional markets of Africa and Southeast Asia, but also to new regions: Latin America, the Pacific and the Caribbean. When developing products and implementing projects for our growing foreign customer base, we used our many years of experience and the skills we have gained while working in the local market. Improved approaches to project management have ensured smooth remote collaborations, even with customers on other continents. Our unique organisational structure and our developing consultancy business line have guaranteed the successful implementation of complex projects. This in turn had a positive effect on the profitability and competitiveness of NRD Companies”  Mindaugas Glodas,  CEO at NRD Companies.

The first half of the year was also marked by business development activities. Although the pandemic severely restricted travel opportunities, the group’s companies found ways to continue their operations and initiate remote events and discussions with customers and industry experts about technological solutions and good practices in the fields of taxes, registers and other areas.

The work completed during this six-month period was crowned by the award – the Personal Income Tax Returns Completion Wizard by the group's NRD Systems reached the finals in the national World Summit Awards (WSA) selection, becoming a Favourite of the public and earning recognition as the Best Solution for Lithuania.

The group’s companies are constantly striving to develop new products and provide innovative services. During the first half of 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 post offices, addressing the demand for retail services, the VFD -  virtual fiscal device management system and the Unified Registry Platform, a system that automates standard registration procedures.
 
 Presentation about NRD Companies and 2020 H1 Business and Financial Results

Return to news list