Tingo Group Inc. (NASDAQ: TIO) today announced that its export business, operated through wholly owned subsidiary Tingo DMCC, has completed its first batch of export deals, generating $348 million of sales with a gross profit approaching $100 million. According to the update, the completed sales are part of an anticipated long-term multibillion-dollar pipeline of export transactions, more than $1 billion of which are currently being processed for expected delivery by the third quarter of 2023. “The commencement and ramp-up of the Tingo DMCC export business, together with its impact on our dollarization and globalization, is a momentous event for us,” said Darren Mercer, CEO of Tingo. “The management teams of Tingo Mobile and Tingo DMCC have worked together tirelessly to develop and establish a robust and highly scalable supply chain and infrastructure, including through our recently signed strategic partnership with AFAN and PCX, to enable us to target several billion dollars of agricultural produce per annum. This strong foundation gives us confidence in our ability to execute the additional export opportunities we are currently progressing.”
To view the full press release, visit https://ibn.fm/moHay
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’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 pre-loaded 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 them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. The company’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, the company also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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