INVL Technology, a company that invests in IT businesses and controls NRD Companies, had equity of EUR 29.870 million at the end of the third quarter this year, or EUR 2.4533 per share. Equity per share increased by 3.1% from the start of the year.
The value of the company’s financial assets at the end of the reporting period was EUR 27.134 million and grew 4.7% from the start of the year. INVL Technology earned a net profit of EUR 0.912 million in the first three quarters of this year, compared to a net loss of EUR 0.58 million in the same period last year.
According to Tonkūnas, global events in the first three quarters of this year impacted the companies’ results unequally. Compared to the same period last year, the biggest contributor to the increase of EUR 3.456 million in their sales was projects implemented in Lithuania, revenue from which accounted for 59% of all the businesses’ revenues, or EUR 15.688 million, and compared to last year grew by EUR 3.345 million, or 27.1%.
The biggest contribution to revenue growth in Lithuania came from the Novian group, which this year has increased such revenue by EUR 3.211 million, or 35.9%, to EUR 12.147 million. Sales in foreign markets were increased most by NRD Companies; they totalled EUR 5.106 million in the first three quarters of this year and compared to the same period last year rose by EUR 1.618 million or 47.6%.
In total in 2020, INVL Technology’s companies have conducted projects in 50 countries. New countries where activities have been carried out include Portugal, Serbia, Anguilla, Afghanistan, Saint Lucia, Senegal, Samoa and North Macedonia.
Assessing the impact of the coronavirus pandemic on the company’s operations in the first three quarters of this year, the pandemic’s restrictions and closing of national borders have had a moderately negative impact on the introduction of new products in the areas of financial technologies and cybersecurity, the signing of new projects, settlements, and the performance of existing projects. Countries’ economic activity in international markets has weakened. To ensure future orders, the businesses have given added attention to the development of partnerships around the world and to digital marketing channels. In the assessment of INVL Technology, in the short term the pandemic’s impact on the companies will be brought under control, while over the medium term, due to the economic consequences, there may be bigger challenges in some individual countries.
About INVL Technology
INVL Technology’s companies operate in three directions. Operating in the area of business climate improvement and e-governance is the Norwegian company NRD Companies AS with its subsidiaries: Norway Registers Development AS of Norway with a Lithuanian subsidiary, NRD Systems UAB and Etronika UAB of Lithuania, Norway Registers Development Rwanda Ltd in Rwanda, NRD Bangladesh Ltd in Bangladesh, and the associate company Infobank Uganda Ltd in Uganda.
Working in the area of IT services and software is the Lithuanian company Novian UAB with its subsidiaries Zissor AS of Norway, BAIP UAB of Lithuania with its subsidiaries Andmevara Services OU in Estonia and Andmevara SRL in Moldova, and Algoritmu Sistemos UAB of Lithuania with its controlled companies Acena UAB in Lithuania and Andmevara AS in Estonia. Operating in the area of cybersecurity is NRD CS UAB.
In July 2016, INVL Technology began to operate as a closed-end investment company. Its management was assumed by INVL Asset Management – a part of Invalda INVL, one of the leading asset management groups in the Baltics. INVL Technology will operate as a closed-end investment company until 14 July 2026.