Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, is reporting numbers for its first quarter 2023, the first report released following the completion of the acquisition of Tingo Mobile Limited that include a full quarter of consolidated financial statements. The numbers also reflect consolidated financials of Tingo Food’s results for approximately two months from the completion of its acquisition. Highlights of the report include net revenues for the first quarter 2023 totaling $851.2 million, an increase of 8,801% compared to Q1 2022, and operating profit for Q1 increased to $260.7 million. In addition, the company noted that the acquisition of Tingo Foods in February 2023 added $577 million in revenue, further increasing the company’s growth in group revenues and earnings. In addition, Tingo Mobile reported that the number of customers on its Nwassa agri-fintech platform reached 12 million by the end of March 2023, up from 11.4 million in December 2022. “I am exceptionally pleased with the tremendous progress we achieved during the first quarter of 2023, and with the strong start we have made to the second quarter,” said Tine Mobile and Tingo Foods CEO and founder Dozy Mmobuosi in the press release. “I am also delighted with the plans and initiatives we have in the pipeline including, in particular, the completion of our first of many export orders. Bringing Tingo Foods into the Tingo Group was a further major milestone in our expansion; I have long had the vision for Tingo Foods to be the largest and most advanced food processing business on the African continent and, hopefully one day, in the world. As can be seen from today’s results, Tingo Foods is already growing at an impressive rate, which we expect to build on through the addition of several new food and beverage products planned for launch in the second half of this year.”
To view the full press release, visit https://ibn.fm/kIQBX
About Tingo Group Inc.
Tingo Group is a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device as a service” smartphone and preloaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and has entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services including, among others, the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130-plus offices located in China’s cities and major towns, and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TMNA
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