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    INVL Technology had a net profit of EUR 1.31 million in the first half of this year

    News
    2021 / 08 / 31
    3 MIN. READING

    The equity of INVL Technology, a company that invests in IT businesses, grew 4% (EUR 0.10 per share) in the first half of this year to EUR 35.04 million, or EUR 2.88 per share.

    INVL Technology’s net profit in January-June was EUR 1.31 million; in the same period of 2020, it had a net profit of EUR 0.26 million.

    Compared to the same period last year, the aggregated revenues of the company’s business holdings decreased 0.3% in the first half of this year to EUR 16.5 million, while their aggregated EBITDA increased 9.7% to EUR 1.47 million. Comparing the second quarter of 2021 to the same period of 2020, the businesses’ aggregated revenues were 5.1% larger, at EUR 9.1 million, and their aggregated EBITDA increased 12.7%, to EUR 1.0 million.

    “Contributing significantly to INVL Technology’s results was NRD Cyber Security, working in the area of cyber security, whose revenue doubled and whose profit increased by half a million euros – in the first half of this year it earned EUR 441,000 EBIT while in the same period last year it had a loss of EUR 52,000. We’re seeing increased demand for cyber security services and products, which we think will continue in the future,” said Kazimieras Tonkūnas, INVL Technology’s managing partner.

    Smaller demand in international markets and a 9% decrease of the US dollar (the average EUR/USD exchange rate in the first half of this year was 1.2051, compared to 1.1014 in the same period of 2020) had a negative effect on business holdings’ revenues abroad and on the profitability of projects.

    A decrease of EUR 416,000 in revenues abroad was partly offset by revenue growth in Lithuania. Revenue from projects undertaken in Lithuania this year made up 59% of all the companies’ revenues, or EUR 9.8 million, and compared to last year grew by EUR 372,000, or 4%.

    In total, INVL Technology’s companies conducted 52 projects in a variety of countries in the first half of 2021. One such project was NRD Companies’ action plan for implementing a unique personal identity management system to facilitate interstate movements of people and goods and enhance e-government systems in four member states of the Organisation of Eastern Caribbean States (OECS). Novian Technologies introduced critical IT infrastructure managed services on the Norwegian market, and NRD Cyber Security signed a contract with the European Union Agency for Cybersecurity (ENISA) on the preparation of a methodology to lay strong foundations for collaboration among institutions of the European Union in times of crisis (on the operational and technical levels).

    Looking at the impact of the coronavirus pandemic on the company’s operations in the first half of this year, pandemic restrictions and closure of international borders negatively influenced the signing of agreements for new projects and settlement for work on existing projects. To ensure future orders and move forward with existing projects, internal processes at group companies were adjusted. As forecast, the impact of all this on performance has been modest and is expected to remain so until year-end unless conditions change fundamentally.

    INVL Technology’s companies currently operate in three directions. Working 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 subsidiary in Lithuania, 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 infrastructure and software services is the Novian group: Novian UAB in Lithuania with the technologies companies Novian Technologies UAB, Andmevara Services OU in Estonia and Andmevara SRL in Moldova, with the software services companies Novian Systems UAB and Estonia’s Andmevara AS, and with the digitization and media monitoring software provider Zissor AS of Norway. 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.