Tingo (OTC: TMNA) today announced that it has filed its quarterly report on Form 10-Q, wherein the company reported its financial results for the three and nine months ended Sept. 30, 2022. Among the highlights, the company reported growth in its Nwassa agri-fintech business that has driven increases of 64.8 % in revenues and 53.9 % in operating profit as compared to Q3 2021. In addition, the company reported that it has filed a definitive Information Statement on Schedule 14C, marking a major milestone towards completion of the merger of Tingo Mobile PLC, the company’s sole operating subsidiary (“Tingo Mobile”), with MICT Inc. (NASDAQ: MICT), a Nasdaq-traded financial technology firm. MICT also announced its operating results for the third quarter of 2022, which reflected a 15% increase in quarter-over-quarter revenue, as well as a 54% quarter-over-quarter increase and 16% year-over-year increase in gross profit.
“We are pleased to once again report a strong set of results, where we have achieved further robust growth in both revenue and earnings. With our revenues now tracking at almost $1.2 billion per annum , and operating income tracking at approximately $600 million per annum, we believe the company is well positioned to deliver a further increase in profitability in Q4 2022, followed by an acceleration in growth in 2023,” said Tingo’s CEO Dozy Mmobuosi. “The combination of our growth in revenues and earnings from our existing customer base and our expansion into new products, such as Tingo Mobile, as well as our signing of significant new trade deals and our international expansion, gives us significant potential for both short-term and long-term growth. In addition, our soon to be completed merger with MICT is allowing us to accelerate a number of key parts of our expansion strategy, including in relation to the forthcoming launch of a commodity platform and our export business. Most importantly, as we continue to deliver against strategy, we remain focused on our vision and over-arching objective of striving to make a difference towards improving global food supply and tackling the world’s food security crisis.”
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About Tingo Inc.
Tingo is the leading agri-fintech company operating in Africa, with a marketplace platform that empowers social upliftment through mobile, technology and financial access for rural farming communities. Tingo’s novel “device-as-a-service” model allows it to add market leading applications to enable customers to trade, buy top ups, pay bills, access insurance and lending services. With 9.3 million existing customers, Tingo is seeking to expand its operations across select markets in Africa. Tingo’s strategic plan is to become the eminent pan-African agri-fintech business delivering social upliftment and financial inclusion to millions of SME farmers and women-led businesses. For more information about the company, visit www.TingoInc.com.
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