Growth in Nwassa Agri-Fintech Business Drives 64.8% Increase in Revenues and 53.9% Increase in Operating Profit for Q3 2022 Compared to Q3 2021
- Revenues. Net revenues totalled
$291.7 million for Q3 2022 as compared to$177.0 million for Q3 2021, an increase of 64.8%. For the nine months endedSeptember 30, 2022 , net revenues were$817.4 million as compared to$317.5 million for the nine months endedSeptember 30, 2021 , an increase of 157.4%. - Gross Profit. Q3 2022 gross profit amounted to
$268.8 million as compared to$174.7 million for Q3 2021, an increase of 53.9%. For the nine months endedSeptember 30, 2022 , gross profit was$789.1 million as compared to$310.9 million for the nine months endedSeptember 30, 2021 , an increase of 153.8%. - Operating Income. Q3 2022 operating income amounted to
$149.5 million as compared to a Q3 2021 operating loss of$29.3 million . For the nine months endedSeptember 30, 2022 , operating income was$342.7 million as compared to$59.2 million for the nine months endedSeptember 30, 2021 , an increase of 478.9%. - Agri-Fintech Revenue Growth from Q2 2022. On a quarter-on-quarter basis, Agri-Fintech revenue, generated through Tingo’s Nwassa agri-fintech marketplace platform, grew by
$8.2 million from$130.9 million in Q2 2022 to$139 .1% million for Q3 2022, an increase of 6.3%. - Agri-Fintech Revenue as an Increasing Component of Overall Revenue. Q3 2022 agri-fintech revenue amounted to
$139.1 million , or 47.7% of total revenue, with mobile telephony, data and leasing comprising the remainder. By comparison, during Q3 2021, agri-fintech revenue amounted to$56.5 million , or 31.9% of total revenue. Year-on-year quarterly growth for agri-fintech revenues was 146.2%. - Merger Transaction with MICT. The Company’s filing of a definitive Information Statement on Schedule 14C on
November 9, 2022 , marked a major milestone in progressing towards the completion of the merger ofTingo Mobile PLC , the Company’s sole operating subsidiary (“Tingo Mobile”), with MICT, Inc., a Nasdaq-traded financial technology firm.
Tingo’s Nwassa business, which is comprised of several fintech solutions, including the Company’s proprietary agri-fintech platform, in addition to airtime top-ups, mobile telephone insurance, utility payments, and brokerage on loans, accounted for approximately 48% of total revenues in Q3 2022, growing by 6.3% quarter-on-quarter and by 146.2% for the 9 months to
On
On
In addition to the international expansion of Tingo Mobile’s business, progress continues to be made towards the launch of the Company’s ‘SuperApp’ and its ‘Tingo Pay’ digital wallet, which is in partnership with
In parallel to the ongoing growth and development of Tingo’s business, the Company continues to progress towards the completion of the merger of Tingo Mobile with Nasdaq listed fintech company MICT, Inc., which is expected to close on or about
Commenting on the financial results of the Company for the third quarter of 2022, Dozy Mmobuosi, Chief Executive Officer, stated: “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
At the end of the third quarter, our Nwassa Agri-fintech platform accounted for 48% of total revenue, which is evidence of the strong level of trust and loyalty we have built with our existing customer base of circa 10m subscribers in
We are on track to launch the
Our recent agreement with the All Farmers
With the additional resources we have accessed through our pending merger of Tingo Mobile with MICT, we have recently achieved a major milestone towards our goal of international expansion, through the recent launch of operations in
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 focussed 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.”
About Tingo
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company’s operations, as well as those contained in the Company’s quarterly, annual, and periodic filings with the
Contacts
Corporate and Media Contacts:
Tingo, Inc.
(646) 847-0144
Chief of Staff –
rory.bowen@tingoinc.com
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