Tingo Group (NASDAQ: TIO), a profitable and fast growing fintech, agri-fintech and food company, today announced its financial results for the quarter ended June 30, 2023. Among the highlights, the company reported an 8,072% increase in net revenues for the second quarter to $977.2 million, up from $12 million for the second quarter of 2022. “Despite encountering a short-term stagnation of economic activity in Tingo Mobile’s and Tingo Food’s primary geographic market of Nigeria, which was due to the political uncertainty that arose after the country’s election of a new president, we have once again demonstrated the strength, resilience and considerable potential of our rapidly expanding business,” said Darren Mercer, chief executive officer of Tingo Group. “The near 70% depreciation of the Naira against the U.S. dollar following the lifting of Nigeria’s foreign exchange restrictions has clearly had an impact on the U.S. dollar conversion of our results for the second quarter. Nonetheless, we have again delivered quarter on quarter revenue growth, which of course would be significantly higher if reported on a domestic currency basis. Moreover, our three core business verticals, namely Tingo Mobile, Tingo Foods and Tingo DMCC, all achieved significant progress and milestones in the quarter and are expected to deliver considerable growth in the second half of the year and beyond.”
To view the full press release, visit https://ibn.fm/CjcvZ
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’s wholly owned subsidiary, Tingo Mobile, is a leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and 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 them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. The company’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that is currently in beta version, offering 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, groundnut oil, nut products, wheat, millet and maize; 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, the company also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information about the company, visit 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/TIO
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