Tingo Group (NASDAQ: TIO), a profitable, multinational fintech, agri-fintech, food processing and commodity trading company, today announced its financial results for the quarter ended Sept. 30, 2023. Among the highlights, the company reported $2.41 billion in net revenues, $492.5 million in operating profit and $777.9 million in EBITDA for the 9 months ended Sept. 30, 2023. “After a challenging third quarter, where we suffered from the impact of several externally generated factors, I am very pleased with the strong recovery we are seeing in the fourth quarter, which I am confident will see us return to growth,” said Dozy Mmobuosi, co-chief executive officer of Tingo Group and founder of Tingo Mobile and Tingo Foods. “The deepening of our relationship with AFAN, as the umbrella organization for Nigeria’s farmers and agricultural sector, has been a particularly important catalyst in our recovery, as we work with them, together with the cooperatives and several other parties to restore customer confidence following the negative press we received over the summer period in relation to the short seller attack. The adoption of Nwassa as AFAN’s exclusive agricultural marketplace platform, together with AFAN’s commencement to lease and distribute 6 million new smartphones from December, are expected to ensure that Tingo Mobile delivers a strong end to the year.”
To view the full press release, visit https://ibn.fm/zXpYl
About Tingo Group Inc.
Tingo is a global fintech, agri-fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’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. Tingo Group’s other business verticals include: TingoPay, a super app in partnership with Visa, 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, Tingo Group 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, which, as relatively small businesses within the company, are currently in the process of being reviewed and re-positioned. 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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