NRD Companies experiences substantial growth in 2023

NRD Companies, a global IT and consulting group, has recently released its 2023 annual report, showcasing impressive growth and strategic achievements. In 2023, the company focused on developing products and solutions for the E-Government, Banking, and Retail sectors, as well as providing consultancy services in Africa, the Caribbean, and Southeast Asia.

The company reported consolidated revenue of EUR 10.985 million, a 36% increase from the previous year, and a consolidated operating profit of EUR 1.135 million, a significant jump from EUR 0.2 million in 2022. The EBITDA of the NRD Companies group also saw a remarkable 6.4 times increase, reaching EUR 1.36 million.

The revenue growth was mainly attributed to the success of two strategic business lines: e-Registries and Tax Administration. Revenue from the Tax Administration business line surged by 211%, driven by key projects such as a Virtual Fiscalization solution for the Zimbabwe Revenue Authority. Similarly, revenue from the e-Registries business line increased by 28%, with projects like the Population Registration platform for the Ministry of Finance in Belize.

NRD Companies also demonstrated its expertise in the Caribbean by completing projects for The Ministry of Finance of Trinidad and Tobago and initiating a Developers‘ Hub project for the Ministry of Digital Transformation in Trinidad and Tobago.

CEO Mindaugas Glodas highlighted the company’s commitment to supporting digital transformation initiatives and sustainable development across diverse regions. Looking ahead to 2024, NRD Companies aims to continue driving innovation and sustainability in the industry.