Tingo Group Inc. (NASDAQ: TIO), a global fintech and agri-fintech group of companies with operations in Africa, southeast Asia and the Middle East, has filed required information with the U.S. Securities and Exchange Commission regarding the 100% acquisition of issued and outstanding share of Tingo Foods PLC. Of note, the filing reflects that Tingo Foods began operations in September 2022 and by Dec. 31, 2022, had generated $466.2 million in revenue. Gross profit for that period totaled $196.4 million, equating to a gross margin of 42.1%. The report also reflect cash of $54.8 million and inventory valued at $201.1 million. According to the announcement, following the acquisition, Tingo Group is focused on revolutionizing Africa’s food-processing industry with strategic plans to develop a $1.6 billion food-processing facility, which will be the largest such facility in Africa. The filed information includes a current report on Form 8-K/A and an audit report from Deloitte (Brightman Almagor Zohar & Co., certified public accountants, a firm in the Deloitte global network). “We are delighted that Tingo Foods generated nearly a half billion dollars of high-margin revenues during its first four months of operations to December 31, 2022, and very excited to consolidate its results into our own beginning from the acquisition completion date of Feb. 9, 2023,” said Tingo Group CEO Darren Mercer in the press release. “The inclusion of these financials will have an immediate and significant impact on our group revenues and profitability. The recently announced pro forma consolidated financial information of Tingo and Tingo Mobile Limited, which reflected pro forma consolidated revenues of $1.152 billion and gross profit of $675 million, combined with today’s Deloitte audited results of Tingo Foods Plc for the four months to Dec. 31, 2022, demonstrates both the financial strength of the company and its impressive rate of growth.”
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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 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 town, 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.
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