Tingo Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 31, 2023 at 06:47 am EDT
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Tingo Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 977.17 million compared to USD 11.96 million a year ago. Net income was USD 96.51 million compared to net loss of USD 14.34 million a year ago. Basic earnings per share from continuing operations was USD 0.59 compared to basic loss per share from continuing operations of USD 0.11 a year ago. Diluted earnings per share from continuing operations was USD 0.18 compared to diluted loss per share from continuing operations of USD 0.11 a year ago.
For the six months, sales was USD 1,828.41 million compared to USD 21.52 million a year ago. Net income was USD 273.25 million compared to net loss of USD 23.02 million a year ago. Basic earnings per share from continuing operations was USD 1.68 compared to basic loss per share from continuing operations of USD 0.18 a year ago. Diluted earnings per share from continuing operations was USD 0.52 compared to diluted loss per share from continuing operations of USD 0.18 a year ago.
Tingo Group, Inc. is a holding company. The Company is engaged in conducting the financial technology business, Agri-fintech and the food business through its subsidiaries. The Companyâs Verticals and Technology segment is engaged in the insurance brokerage business. The Companyâs Online Stock Trading segment operates the business of online stock trading, located mainly in Hong Kong and Singapore. Its Comprehensive Platform Service segment includes the operations of Tingo Mobile. Its Food Processing segment includes the operations of Tingo Foods. Tingo Foods has outsourced its processing activities to third-party food processing plants in Nigeria, for which Tingo Foods arranges the supply of raw crops, as well as the customers for the finished processed foods. Its Export and Commodity Trading segment deals in the export and trade of agricultural commodities and processed foods on a global basis, and is operated through Tingo DMCC, which operates from the Dubai Multi Commodity Centre.
TINGO GROUP, INC. 
