Fintech and Agri-Fintech Company, Tingo Group, Inc., Reports Full Year 2022 Financial Results
- Written by Media Outreach
Acquisition of 100% of Tingo Mobile Completed on November 30, 2022, making theCompany significantly profitable from December 1, 2022Company's Integration with Tingo Mobile saw a Significant Acceleration in Growth of the Combined Group During Q4 2022, with the Signing of Major New Trade Partnerships, International Expansion and Launch of Several Significant New Products and BusinessesAcquisition of Tingo Foods Plc Completed on February 7, 2023 NameChange to Tingo Group, Inc. Reflects Importance of Tingo Brand andthe Company's Focus on Leveraging its Significant Market Presence MONTVALE, US - African Media Agency - 31 March 2023 - Tingo Group, Inc. (NASDAQ: TIO) ("Tingo" or the"Company") today announced its financial results for the fiscal year ended December 31, 2022. The acquisition of 100% of Tingo Mobile Limited ("Tingo Mobile"), which was completed on November 30, 2022,has resulted in the consolidation of its financial results into the Company from December 1, 2022. Today'searnings presentation and this press release also includes pro forma financial information for the full yearended December 31, 2022, with comparative pro forma financial information for the year ended December 31, 2021, so as to provide shareholders with a fuller understanding of the performance and growth of the acquisition and its expected impact on the Company. Highlights & Recent Developments FinancialResults
- Tingo Group cash balances at December 31, 2022, amounted to $500.3 million, compared to $96.6 million at December 31, 2021.
- Net revenues of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1,2022) were $146.0 million, compared to $55.7 million in 2021.
- Pro Forma Consolidated Revenues for 2022 were $1.152 billion, compared to $921.5 million for the prior year, which after stripping out non-recurring mobile handset sales in 2021 of $301.0 million, representedan increase of 85.5%.
- Tingo Mobile's Handset Leasing Revenues for 2022 were $476.3 million, up 50.3% on 2021 revenues of$316.9 million.
- Nwassa Agri Fintech platform revenues for 2022 were $532.2 million, up 168.0% on 2021 revenues of$198.6 million.
- Operating loss of Tingo Group for 2022 (including Tingo Mobile for one month only from December 1, 2022) was $11.8 million, after accounting for non-recurring transaction expenses of $9.6 million and share based payments of $6.6 million, which if added back would result in an operating profit of $4.3million, compared to a loss of $37.9 million for 2021.
- Pro Forma Consolidated Operating Income for 2022 was $554.6 million, compared to a loss of$47.0 million in 2021.
- Pro Forma Consolidated EBITDA1 for 2022 was $954.5 million, compared to a Pro Forma ConsolidatedEBITDA1 of $275.6 million for 2021.
- Tingo Mobile increased the customer numbers on its Nwassa Agri Fintech platform to 11.4 million atDecember 31, 2022, from 9.3 million at September 30, 2022, and handled more than$1 billion of customer transactions in the month of December.
- Signed major trade partnership with the All Farmers Association of Nigeria ("AFAN") on October 20, 2022, which launched ahead of schedule on November 16 2022, and includes commitment to enroll a minimumof 20 million new customers with Tingo Mobile.
- Launched operations in Ghana on November 10, 2022, and signed a landmark trade deal with the Kingdom of Ashanti covering major agricultural and cocoa farming region, including a commitment toenroll a minimum of 2 million new customers with Tingo Mobile and a target to increase enrollments tomore than 4 million.
- Launched global commodity platform and export business on December 12, 2022, in partnership with theDubai Multi Commodities Centre ("DMCC"), the world's no.1 free trade zone, with the aim of generating a substantial increase in sales demand for the crops produced by Tingo Mobile's farmers.
- Launched in Malawi on December 14, 2022, representing a sizeable market in its own right, and alsoconstituting a strategically important base from which to expand into East Africa, including theneighbouring countries of Tanzania, Zambia and Mozambique.
- Acquired 100% ownership of Tingo Foods Plc on February 9, 2023, a recently established foodprocessing business with the capacity to offtake large volumes of raw crops from Tingo Mobile's farmersinto finished food and beverage products. Since its inception in September 2022, Tingo Foods generated more than $400 million of highly profitable revenues during the four months ended December 31, 2022.
- Tingo Foods, through a joint venture, has recently committed to fit-out and operate a $1.6 billion state of the art food processing facility in the Delta State of...