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 six months ended June 30, 2022. Among the highlights, the company announced net revenues totaling $268.7 million for Q2 2022 vs. $100.7 million for Q2 2021, an increase of 166.8%. In addition, Tingo’s Q2 2022 gross profit amounted to $164.2 million, an increase of 208.6% versus Q2 2021 gross profit of $53.2 million. “We are again pleased to announce a strong operating performance for the second quarter of 2022, building on a strong first quarter and continuing to deliver growth of our agri-fintech business,” said Tingo CEO Dozy Mmobuosi. “At the end of the second quarter, our Nwassa platform accounted for almost 50% of total revenue, with more than $5 billion in gross transactions processed through our payments system. We are on track to launch the Tingo SuperApp in the second half of this year, which should provide even greater commercial opportunities and financial empowerment for our existing customers, as well as further incentive to other farmers and potential new customers to become subscribers and utilize our marketplace and fintech platforms. We also look forward to completing our merger with MICT, with the aim of accelerating our expansion throughout Africa, and into Asia and other key new markets.”
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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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