TIO - Earnings call 1 2023 | Tingo Group, Inc.

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Operator

Greetings, and welcome to the Tingo Group First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include forecasts, estimates or other information that might be considered forward-looking.

While these forward-looking statements represent our current judgment on what the future holds, they are not guarantees and are subject to risks and uncertainties that could cause actual results to differ materially.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion we will attempt to present some important factors relating to our business that may affect our predictions.

under our for Form of a and risks, review and filed these also Factors. other XX-Q Risk Form more particularly should most XX-K, recent today factors You heading the complete discussion A press the morning X:XX at results wires this a.m. detailing release these crossed Time available Investor on Eastern Relations company's our of and tingogroup.com. is website the section

Officer and this Officer; Group Mercer. will Darren March Group Mobile and Tingo Your Darren host Mmobuosi, Tingo of results Mercer, today, the will to Officer, XX, Chen, Foods present Tingo the CEO; Founder operations Dozy Chief quarter Tingo Kevin Group over Executive call Financial time, Chief Executive the turn and Tingo Chief for I XXXX. At

Darren Mercer

today's first XXXX conference and not more group I its results operator, be quarter could morning, call. growing expanding you, and about of Tingo am Group good businesses. for to the pleased rapidly future excited I financial Thank you everybody. to welcome

food Tingo Exchange businesses and and the XX-Q date time, is other Foods, various Xth and with Tingo In strong The would further businesses. we XXXX. interlinking finished we those and in partnerships, February offtakes Plc processes device further from the Nigeria and profitable fintech lock-in agri and and of a in including which agricultural the diverse to as also from base The of crops reported the acquired from which deals and we in from PCX, of within earnings the the farmers which immediately to together full the with Foods, of February name take Xth significant will comprised farmers on Mobile and Tingo of for growth has when exclusive with ecosystem. all export its which of are and results so to Africa, platform agri joining commodity for the grow results quarter before full Tingo expected agri XXXX. Tingo network and Inc. including Dubai partnership into here the Foods. TingoPay, this a acquisition Foods. At revenues SuperApp months November with in operates Tingo to us and trading Tingo results that and operates Foods continued Africa Foods changing range version strongly Tingo fintech Group a out farmers remarkable raw expand consolidated on the supply Group for of agreement market. that a announcements verticals, today, For businesses Prime USSD commodity of the Limited TingoPay our XX, company group of has since, of Mobile, income goes a is merchant evidenced e-wallet for Mobile have acquired close of the a Foods XXth trade Tingo Tingo services recent Farmers XXX% a presented in or with Tingo their East. insurance of Mobile's through and or from partnership warehousing of time, also operate model. offer creates XXXX, The services first Commodity which a fintech our and you and later those Tingo operations range on statements confident all on became of which including that Southeast now AFAN, our service as Tingo financial of operates both comprised large a DMCC, Tingo company Tingo range acquisition Tingo be synergistic the opportunities, smartphone today's the a payment and of include currently Pan-Africa XX-Q of trading somewhat is the of Group our services and XXth Middle DMCC filing, on Mobile's TingoPay, included enhance our significantly achieve following nationwide are and words, and significantly and business of through platforms of of acquisition and recap consolidated leading then the strengthen deals is Tingo highly XXXX recent subsequently of of businesses. February November XXXX, products. a by products, fintech position our like which focused commodity Association finally, the And and platform X crops Asia of Group, from a expanded was quarterly finished as far. Tingo developed and offers Asia customer financial Mobile which moment Visa. story internationally. The on products we to service fintech introduce produce commodities, Southeast which Group year, companies company's rolled including I first business Tingo a and are customers. considerable can TingoPay to major well value-added Tingo facilities and Visa to is which number on are provides of ecosystem transformed to our a as which

our highlights XXXX financial slide for strong on of are The is XXth completion Mobile of representative subsequent of on shown XXXX Group of the acquisition our Foods. results since this the acquisition Tingo performance of first and Tingo quarter November

in million. $XXX March reflected $XXX as million cash quarter profit $XXX and Furthermore, $XXX $XXX revenue, our company just in LLP, before generated gross XXXX, income and March nearly stood balance balance million XX, the which audited tax. in by million of at over EBITDA XXXX, is For million on in as sheet ended XX, Deloitte our the over

before us. already likely of those be to And read to important very of will you is our most listened have aware statements. Group Tingo our why reason that Our mission presentations or

For inclusion social platforms not recap, difference also to food through financial familiar, food commitment a delivering includes markets. our foster insecurity and in acquire improving who agreement and mission support to our significant fintech reduction crop domestic losses sustainable to merger yields, and global our its XXXX. to and crisis level, access security tackling definitive world's economic to end digital bringing drive Africa a those entered by of May farmers you and In poverty. By a agri into way upliftment. Tingo aim mission a both make food at our Group to our supply to on food are overarching businesses, fintech and is empowerments, farmer the to improved Africa's in a and better post-harvest Mobile At we an regional achieve foreign we Tingo XX, self-sufficiency, and of

analysis. and XXXX Following team firm, accountants to XXth material in Tingo and terms this, Mobile The no Lokey was XXX% completed subsequently shareholders. XXXX due our of XXth financial June Big on elite leading bank, due investment & Dentons, and advisers #X Grossman facilitate legal of exercise Ernst an that expedited X the appointed Ellenoff M&A the extensive well York and long-standing world-class improvement amended We restated announced of undertake the Young, & team to acquisition positive on the XXXX. The as we as Schole. in diligence immediately findings and been law of the that to Houlihan merger of concerns. original October with acquisition November The included an counsel, company's world's has the were was diligence agreement New of completed

of quarter The external large customer XXXX, name XXXX, ecosystem. the partnership On leveraging ticker Tingo Malawi of changed the trading platform of the verticals new so saw announcements we XXXX year fourth of company's Tingo better By business the quarter to of Dubai. including Processing current the and brand investors. And the the saw of our aim company's prospective export acquired to to April. Tingo strengthen Tingo February launch followed with in With beginning stakeholders, we X commodities geographical to base. Beverage its brands and Tingo and we further And full business, of to corporate XXst clarity material then in Ghana, TingoPay better finally, partners, symbol the of also Xth Visa. by the fintech customers in February importance pivot already SuperApp benefits and launch of XXth the established on Mobile's Foods insurance business provide and soft fourth reflect and seed-to-sale March and us have businesses and and XXXX, was begun of improved on reporting financial our the our the the with Tingo of XXXX, to complement opening as the results XXXX with of collaboration, and January the the Mobile and the DMCC Tingo expansion offices

Mobile's first AFAN. being our Deloitte statements the information second and The XXXX audited pro exclusive financial year Tingo the And and agreement financial PCX forma partnership being filing with full of Dozy for discuss the and the CEO operations. to like the Foods, Tingo Tingo's to Tingo recently Foods. I Mmobuosi, and now over Tingo acquired to call Founder would of turn Mobile further

Dozy Mmobuosi

recap years ago. Mobile agri platform, we business and on By and over leading is which a way the business everyone Mobile and as XX the Thank you, the Nwassa today. update platform We service with to Africa. in I joining Tingo of model us that Darren fintech founded Tingo begin fintech believe

to Association an minimum million a quickly merger XXXX. definitive updated enroll with Mobile. the trade to in set with XXXX, XXXX, We about agreement customer Nigeria, and growth by signed expected customers commitment major X which included we October our the the end base we aim million with Farmers December partners of XX strategy. All million X.X of XX MICT signing Mobile's the trade of with from new November signed accelerating In a Following partnership of Tingo of our the at Tingo expanding agreements of

customers in of Ashanti, and the launched to the there aim enroll than with also afterwards. future East which the began commitment Mozambique X Kingdom Malawi a including We base trade into Tingo launched Mobile and target included of We X several soon the enroll million progress Africa, trade Tanzania, and to across into rollout in new a Zambia. minimum a more partnerships new establishing of to with to and agreement a customers Ghana million signed

from self-reinforcement which detail April I shortly. the into the Asia Tingo Looking to markets namely we further other uptake parts in expand ahead, Tingo and our to strengthening our will agreement tripartite and family, for of of relevant virtuous Tingo well PCX other farmers, AFAN, ecosystem, with the DMCC, into within in increase demand Tingo as a part as produce the other thereby entered Foods more XXXX, and in Tingo Mobile world. Through of we aim as further creating businesses into Mobile's Africa discuss cycle. future and plan In

outside Tingo on product supplying a I standalone DMCC's Lastly, look Mobile's already the business currently this for some and for as and Foods of have large platform year while platform, testing the demand wholesale businesses. app, a are that been is complement launched to of we X, several September the significant which export was we the Tingo on at trading Nwassa XXXX. offtake the into time company middle relatively commodity creates the a successful and brought time, This We supply small reach Nwassa for the to as to focusing marketplace Tingo launch of in range currently Nwassa we forthcoming GSM intend creating expand our distribution developing platform. Tingo farmers, and Tingo Group Mobile. same USSD business. transaction Foods February web our around business and XXXX, team to

new quarter billion than an Within Foods set XXXX saw profit million revenues grew more to in generated Tingo the facility of of of processing December turnover. million. Tingo first $XXX.X XXXX, million, $X.X is to revenue then capacity with food and of to $XXX.X fourth generating X $XXX.X The State of trading Nigeria. multiply Delta XX, Foods months operating state-of-the-art

an of partner of by and joint is infrastructure, at drainage and mid-XXXX. on installation work supply stage and track is Our water foundations open on completing already the venture advanced to facility buildings, the

with benefit PLC Energy net achieve carbon to significant XXX-megawatt to from to costs. We facility, We farmers financial In of Africa's the processing business Tingo and $XXX set which crop DMCC, losses, solar prices million agricultural Multi-Commodity XXXX, the platform Center, and partnership launched also on power believe giving the December continent's farmers the agricultural post-harvest commodity and recently expansion demand, an own and is capabilities, delivering reduced build increasing upliftment. Evtec Dubai we partnered export in will reducing with plant sector energy higher DMCC. emissions zero

is beverage also it export new of Tingo Tingo and looks finished part and Foods. farmers beverage Mobile's offtake food significant be to as ecosystem, DMCC major expected As produce of creates of customer crops the the Tingo Tingo to and from a

the its as members QX and of with XXXX to use first at Tingo of April These PCX AFAN's Nigeria the of other This to significant several agricultural have first uniquely well the use export the produce for of positions its made XXXX, network of have as certain which Under to produce globalize export Tingo export to terms Nigeria's the crop which in partnership of export Through AFAN Tingo export international for due volumes XXX those announced markets. On orders a to of commodity derivative progress to and dollarize and such position date of to per aggregation as strategic increase Tingo leading-edge and across sector for be estimated Ghana, the to serve and primarily crops to installed completed by are to the farming our DMCC any processing in purchase and had to requirements its pre-approved the priority billion This annum help targeted of time, warehouses business platform, Group, and a right million which delivery. and businesses. XX the minimum export our cooperatives the in is intends coordinate We before at to produce, trading next business. warehouses, years. while of trade members also dollars business. access X,XXX trading we addition the Tingo space which refusal produce to territories, the wholesale to to a monetize business. PCX XX, AFAN other satisfy our during warehouses of or QX Tingo on stored ecosystem committed System around has agricultural commoditized to Mobile granted XXXX. existing same with for trade Tingo commodities it Foods was right is the exclusive across to export population futures, Foods and and Malawi and AFAN's has PCX to and of it the be global handle the partnered utilize with our that agreement, Nigeria, million to and to direct set term farmers of commodity of $XX produce end Tingo be Mobile all from the basis. AFAN, for Tingo and commodity Tingo bulk partnership market. offtake the their of the giving the to Mobile's farmers all in access orders and future substantial considerably partnership DMCC Receipt from has on in partnership's crops X AFAN umbrella expected food the from warehouses, the traded PCX warehouses spot, XX,XXX body enabling in has processing Mobile the increase has e-Warehouse other trading produce also enabling produce on number farmers, and Tingo of Mobile will fiscal its we all the and committed believe Nigeria's businesses and sublet warehouse partnership years. Tingo third-parties, e-commerce

while food also achieve levels further also assist losses security. agreement wastage, meaningfully and production of also and crop model, objectives reducing us the in augments post-harvest our seed-to-sale Importantly, food our improving increasing

card, services, insurance As and explained of offers that previously, TingoPay and a e-wallet Visa full is a app with a services finance. Such marketplace, value-added Visa. payment e-commerce, partnership super include digital range services

for Tingo and new to customer with as expand recognized achieving in sectors itself. To is Visa Visa to marketplace additional their agri TingoPay our integration Nwassa TingoPay all and farmers customers securely provision Tingo of accept manage acquisition or Visa plan of the household as TingoPay in as to businesses assist widely us support. new from includes business small and helping making make us services the names of BXB will Tingo As diversify the TingoPay The of holder our in and the into platform. penetration, partnership with TingoPay SMEs business advantages significant sectors our online all market portal, portal our Pan-Africa can version merchant domestic a produce. and we communicate fintech stage with merchant partnership and to purchase farmer launch and embedded business BXC handsets offering, benefit other services farming range now through The with addition whereas see easily currently and use foreign Nwassa Group Visa well customer cards, aim enables value-added which and Visa currencies the to it is and Mobile, sectors Tingo processes subscriber, and sell SuperApp and Tingo full market transactions marketing advanced relation in and Visa payments several to Tingo as their platform purchase of the at mid-XX. Through have to payments ecosystem. farmers services new for transaction DMCC, to set-up TingoPay, Tingo Mobile's food access the into offtake a them. which finished testing through and created Then ahead source to our and scale push and farmers, USSD repeat our services, beverage then includes smartphone TingoPay the Foods Better with Foods statements. set their full in raw soon-to-be-launched of make Tingo a is agri use Tingo payments Nwassa, apps of of farmers supply and services, products. Nwassa it their full We of crops their a to business, TingoPay, to the valuable we to for and inputs an

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Darren Mercer

Thank you, Dozy.

Before world's I the at We and benefit hand the food economic are to our food tackle and the customers. technology driving is crisis through platforms, We social farmer, losses, it fairer from over upliftment of improved we to and access factors. improve also security values, prices. Kevin, to and global the increase core helping market meaningfully crop digital yields, to reduce that by financial from important governance and of think state committed highly social inclusion our the I environmental, them our supply post-harvest markets empowering foster gain

environmental techniques reducing Our farming technology food and deliver sustainable significant platforms and farming wastage, freight miles. and promoting efficiency, reducing crop also improving benefits, production

first adopting mature CFO, upliftment, to our now ESG as morning's of As social quarter sustainable financial framework the filing. we reported results discuss Chen, in commitment goals. I development Tingo our turn and call Group's the will environment are over Nations Kevin guided XXXX XX-Q United part by a focused underpinned and this to towards the on

Hao Chen

XXXX. and available Darren. full you, March crossed A our for that results the first results financial our present is release financial earlier filings very morning. press the in the quarter wire this of ended regulatory pleased breakdown XX, in Thank our I'm to

is significant consolidation quarter the XXXX Tingo Tingo X numbers, months. of Group into of our it which the March February words, Foods results the the completed resulted in to the approximately XX, going Before note include the financial completion. results XXXX, has of and into impact date of Foods, other Foods ended first own from In for acquisition the of for Tingo important in Tingo of results

Foods. million revenues of Now $X.X March quarter first of million, XXXX acquisition. The XXXX, addition ended of for ended Tingo operating EBITDA Tingo of million quarter which company's $XX.X Group Tingo profit a of an back was XXXX again and were some first Foods Group March March adding of profit loss million Tingo for Tingo quarter XX% for on for account, the charged ended XX, of the March the compared approximate turning the date profit XXXX, up gross of revenue for was million as Mobile XXXX into million XX, and The the for inception at Group XXXX, XX, $XXX.X for of XXXX the $XXX.X to loss December rate mainly quarter approximate XX, a to net the acquisition XXXX, $XX.X XXXX. March the as inception March March the the the corporate to Tingo X-month to its $XXX.X the million its $X.X had XX, December XXXX. Tingo for The million EBITDA its cash XX, Mobile of million taxable quarter $X.X gross to first XXXX. X-month XX, of its to first first date $XXX.X profit taking ended quarter the company's amounted XX, XXXX XX, from at ended compared profit, balances Mobile were consolidation quarter $XXX.X million which period the the March first After to $XXX.X March to of XXXX. to Foods XX, key grown $XXX.X the X,XXX%, to the for the from a Tingo attributable Foods, and first of Tingo of is company's X-month of which for $X.X XX, months attributed consolidating Tingo compared compared compared to $XXX.X ended of loss first full XX, the from X-month to was to ended net period was XXXX. tax Foods income was quarter quarter million period net March increase operating from for quarter from approximate million the to X amounted first $XXX.X to XXXX, profit period the figures. XX, December of results first ended of for for XX, $XXX.X at of March an compared XXXX. results operating for The quarter After the and million million million from to depreciation consolidated amortization for approximate million acquisition Tingo

March of is EBITDA for is summary to to call March the loss non-GAAP Group XXXX XX to XXXX Page XXXX presentation. I statement on XX of back summary the ended XXXX Page Financial statement will highlights to ended The mobile X provided the on the presentation. revenue March Nwassa revenues up Darren. million, months were to the first revenues of provided data million. A provided million, is income MICT for X of the months on is and compared XXXX GAAP $XX.X the Page ended quarter Group of months presentation. A the A reconciliation operating made call Services hand balance the Foods now March of sheet of of Tingo of compared X summary of of A Page on for mobile XXXX presentation. the revenues March the of Tingo provided XXXX or of $XX.X March of handset XX Tingo of and income income $XXX.X Insurance platform million, leasing revenues revenues compared of million, the $XXX.X $XXX.X XX

Darren Mercer

company and unique very I Thank believe you, Tingo as Kevin. an a is My in attractive Group investment and as position, both Board proposition. a

income months ended million and X profitable million and revenues XXst $XXX.X March XXXX. We generating company, are a growth fast the $XXX.X tax NASDAQ-listed before of of net for highly of

We balance strong very are positive. and sheet have a flow cash

of cash $XXX.X at million. balance to Our amounted XXXX March XXst

sticky with have and growth, high acquisition model fast customer and low We a low costs revenue margin attrition.

and full both seed-to-sale, food a ecosystem circle and have from our creating customers. agri us for virtuous a We

shortage crisis, of we the and and food inflation. are difference We security are addressing towards benefactor global a a food making price

BXB partnership Tingo Visa BXC Tingo TingoPay markets. Our and expands new and significantly SuperApp into

fintech which We future. Operator, new replicable have platforms considerably colleagues further have that We can we in ready to have in addressable I the vast significant believe and proprietary from And geographical and a take we now and participants. the from sectors. market. new impact markets grow Tingo ESG are proven global questions my are

Operator

of your a Taglich Brothers. how many Is you question relationships in you Or processing subsidiary food describe co-packing Howard asked, small can Our first do Halpern Howard it if plant? comes operates? have? from how not,

Darren Mercer

have. strengthen we ago. It's us also handle to intentionally and for since As that the that limited business, enable we've handle. capabilities then, current business processing to of products And products the months food launched to X we product range we only X food to establish just and Foods, strong focus our X today, requirements the that key and use infrastructure foundations for plants currently the X our remembering processing which our third-party processing Tingo was worth

own the up. our Africa very will to increase. allow to undoubtedly it's our we change feeding to facility further Howard, against mission for will And us our key be to and a end enable it's onwards. of agree lined going talking get for much several offering, I just will If it's March see profitability, pent-up the at facility, processing the security even of more be to we that as huge partners might online what both I for external food think out, it our particularly a even open impressive. the support drive do which multiply access revenues be times. that's carbonated the ahead if the be as products, self-sufficient in even we when sure in from product and art, to the we about going facility, the that, because bigger add but a can meet us Africa, its food. And can that I'm XX already we capacity new partners, satisfy with to for is coffee, you our it last really fact, year's of DMCC of numbers that's we processing. Once X that are a demand range on. comes feel strong in we means of noodles, from beverages, number from But Foods do improving all from Tingo have type -- new of we not year, deliver in going them, our of to be that, to looking to increase Africa our number contribution it we've to should X demand from And for to the be achieve plenty that's to -- is be these. work enabling multiply processing products We the to achieved achieve our food You Dubai, export generating next of of open also growth all deal of or in months are of I for can significantly. all of you new have back said, have growth all the the tea, which the significant, these XX marketplace. And today indications capacity. I to which biggest as time. moment will and use months' going pent-up X us also just it's had to this, a able nations, ahead go compared and should other in the year going which that we're pastas I we our to point to step But of that third-party and though biggest capacity begin there state we our in is already of middle when through open in cocoa, demand, the processing the and we not the as facility to so, we even new through already it able than our multiply to the and of we become it produce gain expand opening are to mean, time increase through because our companies, those capacity, in that it's or its possible And product products At those processing we several expect new African it although example, range months host

Nwassa the to platforms, enabling because yields a we are getting significantly. They of much the microfinance providing they're because higher our and a capacity their result store their farmers get as farmers from so Tingo to have platforms that's crop our understand our farmers are the crop Africa, continuing to enabling yields again, increase validate reinvest that produce. got actually cooperatives. historically food of finished is very higher Nwassa their and us we domestically timely the produce to is in basis supply now We And to much now platform expensive success we're are what believe really replacing Mobile And value to you've of processing from to shows Mobile been deliver this all the we capability further through underlying supplying the the warehousing Tingo that the farmers. deliver imported. products

As Tingo and towards we're warehouses domestic Tingo you that real Foods into a more that supply. food, can the it's food our available becoming and through and see difference both we're DMCC, getting produce improving making

Operator

Brothers. at commodity Halpern AFAN food deal Taglich recently Howard revenue Howard your impact asked, operations long-term both from and announced question how and potential? PCX warehouse and does your Another processing

Darren Mercer

indeed. it's be to priority the as strong and very for alluded Look, a fulfilling answer, a capability, talk to for which well of talk business domestic the me Therefore, establish It's going today commodities. and logistics Good Tingo heard question, export yields increasing and the bedrock often you've alluded at about side. us think ours very of success crop are agricultural and a importance products beverage about levels very, and -- been demand time food of the Howard. food production the I sell supply grow the infrastructure the for going today significant business we previous in side in as enabling other to first both And procurement as the we've ecosystem. to substantial the and to already is the

beverage and handling, this combined It business. increase PCX that position to very warehousing say is with goods dominant into us into perfectly and Nigeria. and XX,XXX, the significantly heart and of expecting the in of gives fulfill to the its against and Foods and to is number also to capacity the refusal them, commodity to not both additional be food produce our funds delivers refer increase business, raw a that, commitment deal to trade all the covering or Our capability significantly as to Tingo warehouses heard right trading valuable very Howard, purchase of and use increase us increasing farmers finished products. And those any significantly you orders processing produce commitment supply internationally, with and crops, our domestically it only AFAN really particular for It's to of but earlier, us, received export whole warehouses our of this to the of it's partnership's into our priority. -- it to significantly first supply or

So export businesses processing yes, very very, both to impact significant look, we indeed. therefore expect that be our on deal's the and

Operator

Our next you you strong It me next market this to what given warehouses competition you years, how companies? the how a put logistics context that over question impact position. is, give would that of today positions can rises XX,XXX into that have? mentioned seems But the in have this to very and number other you the would X you this

Darren Mercer

couple think are saw the centers. terms I in of said the little Walmart partnership committed reported over reported have warehouses numbers a previously likes some of the warehouse very That's warehouses of around X,XXX in the reported increase in We into XX,XXX distribution States previous I XXX has the of United over a this years. in Put the DHL and logistics good respectively just as next to has largest And have context, XXX the and we numbers about number answer, I've X,XXX currently the with network. network in the around that to company that question. to

PCX in that no of position the with dominant to our definitely deal comparable gives Nigeria partnership real plans say competition. us a fair it's with So and AFAN very and the expansion

on including logistics And creates for e-commerce, be of think profitable a indeed, ability opportunity companies, to surplus like. to source also also and our should to addition, us valuable space I the the an third-parties, additional it retailers warehouse sublet network itself major in revenue. partnership's lease capacity

Operator

next comment the it the food question significant processing to contribution to that impacted very I how note Group. Our Is on for by asked, its possible be facility? performance Tingo new Foods making will the is you

Darren Mercer

the haven't early that having previous is in our significantly I upon increase margins. points touched our to own state-of-the-art question be already to the Perhaps do by answering we Yes. facility, expect able

into yields this farmers our Tingo Tingo platform farmers it's and expensive we previously available ultimately that's food deliver have question, look minimum as more higher to further infrastructure products wide been -- believe able for imported. other at crop domestically we Our produce state-of-the-art understand machinery of microfinance very been both just to historically make and neither Africa, can to beverage efficiently will processes and a increasing to and add, Tingo that world are Africa deal organization. to we'll capacity, we're is supply at a domestic very delivering the is becomes process that supply. And we have products in and with and huge -- continues the might food products to validate we wastage, And much DMCC also their to in Foods I enables have be think supplying same processing able validate reinvest the finished I Nwassa to real volumes, replacing time, our Mobile enable range to now have place the difference we while us value to towards you an from as food fair in particular nor add our you significantly with. And that improving produce to into good

XX have farmers of by XX end to this We million year. million the rising

to have in a better position into their getting market on very place to us themselves. for be export. We of with basis. and food us processing in Foods an now Tingo puts the unrivaled the And We to deliver this warehouses getting those dominant support very produce timely increasingly all a it or and produce position warehouses the through sophisticated our prominent logistics network have to

Operator

next is asked, or is Foods Our serve it intending of question focus the export Tingo the domestic the also to market? on market

Darren Mercer

question. Good

including on $X.X food population. we much and stages towards being oils. we domestic year, range a carbonated expand export serve the we'll demand as we is the very and That serve stand the operations our I the are cocoa stood of with Nigeria's without than through be the number online million into DMCC. serve gearing in And We'll our greater to all think are for in huge us rice comes our Nigeria. focused market, foods goes too we hopeful a said, operation, beverages, focused a up coffee, for today, non-staple more to markets. range future. Current able market As and distant breadth the capacity I increase early tea, also we're But on internationally there be we production to whilst also cooking what export serving facility uncommenced to us move both finished products capacity product not of it product gives is such products domestic from and staple able as able of processing serve saying to own export. of We'll be opportunity that the is next billion when mean, it to Pan-Africa. business XXX

Operator

question there asked, into is Our I China. Tingo's no next of note mention expansion that

Given China, your ask experience why I can in not?

Darren Mercer

it in what of opportunities and capital much a considering has a have number a many experience of of Tingo our at utilize Group. profits best anything ways it on each mentioned and develop I China and And version said us Board I that's mean, Mainland could or a think can for the local what so, very year used time. Clearly, that what having kind Group it really there a I already the the consideration the so be logistics of we institutions and us from last would of and key Mobile will Tingo in I contribution insurance of turn, sizable my a in results partners, to factors, that in amongst successfully be been of mean, full significant or could at evaluate I can enable export I we contact bring need to the support and providers Yes. return are full we When it think management or business which years. that earnings number returns relationships the you be should the number these grown had employed, with wealth XX right to be be a the those And we at as many of to financial deliver the products. or of over have due market itself. I Group that years the the in provincial call And expand a in opportunities team China for the have earn the consideration. our we tell large or or well over now banks, the other opportunities large level are we is as strategic. very government wealth have of the

be this time. a in decision indeed it's in a will for presenting too to to will the but opportunity the Board appropriate the At this us, firm be position not ] be distant at a could the findings the moment in time, that's looking, I their think in very future. the team make it [ Board exciting way

Operator

strong will Our business, the one-off of so, shareholders? positive position or asked, company's be special dividend will I given program? the to the very an cash paying dividend a next consider nature question the cash can together with If ask, company a it ongoing its flow

Darren Mercer

very a question. It's fair

I timelines, would as running account revenues the of most dollarizing time commence Board program. a or appropriate prudent as revenues, in and and part the again to I few see feel result expecting we is the weeks remember our something quarter ahead of give this this you'll considering. In be the quarter, we're think call. plans material think we As make the success dividend think to and starts contributions that a I I Group to from achieve we're significant If export the long-term the that results to and schedule. we of the growth first dollarizing its members in speak of demonstrated, on fact payment growth this shareholders Group. into announced we've given our combination it really be the and But free my the cash of flow and while particular, non-public for once that to And ago my any the out preference the just takes plans. the and Board the dividends know, year, of a think dividends profitability reinvestment that make the Group quarterly I I cash of that business can't think we information a payment into a demonstrated year full can't just and towards should that Board, I you of that personal first would is makes the our is sense as to ambitious profit And need

Operator

Our manipulation next and provide question update can investigations? on any short-selling market asked, the you

Darren Mercer

Yes.

and And lawyers special As their say you collate think through data But progressing to and a are fair we well. the of very examine experts to advisers. know, lawyers undertook team detailed that's it's investigation our evidence. very continuing I and the

think if to a damages the with give to as specific I of think indeed. claim. likely begun claims, substantial proceed such any are or I advances, very while exercise possible to of they And receive quantum were material we've indications be premature any to details, it's we

Operator

price Our stated asked, there you was price disconnect share question the sub-$X. significant share when was next previously a

around feel it? a do so, you disconnect address done is Now is If what to still being share price $X, the exists? that

Darren Mercer

announced Yes, we've but now disconnect since, especially increased is of what also being mentioned we the And valued sort that the reported more times is point level when that are forward companies, question. from record material have when itself which being Xx many, which into was in it our the lower, what other increase level value. We good Look, significant very, this at we're on. a just on earnings is all than disconnect, time. take you of very this disconnect of earnings. still price of naturally, multiples, done in we NASDAQ-listed developments, significant, many share first We've all was several very it technically look when numbers. QX you shareholder valued had believe materially account, I But

the today, the profitability export impressively question, of regular my still a making previous indeed. And be dividend think way everything answer possibility believe for about next assessed that I generating, And significant will the I should As level are of dividends all and online I we're are with your completion is mind other new deals what quarterly in also payments. that of think of addition year, it? disconnects. on the addressing about bearing point in first plant and to we we're disconnect the is spoke to it effective processing there measures to results our doing imminent be question of too part live food cash The of out we to demonstrated launch a growing should the program very us. being very coming basis. available of our clear very a very, answer see

Operator

the of coverage U.K. Football Mmobuosi to acquisition in Sheffield press Club by attract possible United The continues Dozy

criteria? understand particularly stringent and which Owners' Dozy I interested am not itself, Test, the Directors' know to I'm Football approved if deal While in English under has I League very keen the the it, as

Darren Mercer

itself, we and under Test. Football the do that Look, confirm this really and in can't used so. setting isn't question. the approved this his audience, had I transaction right can't English League in been advisers think that April is the Owners' fair Directors' important we informed the we on which Yes, to comment But right their and Dozy isn't he

Operator

I next of little a asked, Tingo visited the you firm the re-assured global question audit Deloitte and whether the when in appointing Our its physically step X process took Can business auditor. was Deloitte accounting as Big explain very and a company Nigeria? about

Darren Mercer

glad has asked question, good and very I'm a someone it. That's

Deloitte audit. is audit I firm the it worldwide our opinion, audit I a think think and important basis. a was to as to undertake Africa #X mentioned a in previously, on certainly reach the we very probably felt global with in appoint And leading firm

to any did, And the Mobile they of Deloitte head the was teams the only not performed the SEC U.S., degree also work terms engaged audits there have Israel and undertake you to States a in And from with addition America In their also forget, our we filings, year separate full Foods as time regional Africa a as in more Nigeria Tingo Foods Mobile of and in United ever this, in And first offices in as from see undertook auditors no the to XXXX by Hong to they point well but send audit, audit offices Deloitte regional those audit add China of no been of our head Thornton have also Hong material now, PCAOB findings to the of we Grant much engagement teams and Tingo because also well audit and adverse both not as Tingo Deloitte audits. Tingo involve guidelines. review. in they did in to the and to let's in Group Tingo China teams and for themselves detailed testing Group, their audit of to Kong. as Kong. And audit in accordance weaknesses evidence and sent can Tingo Sarbanes-Oxley at or

Operator

next commence? be? to your do business we you expect revenues asked, contribution And export can when to how large expect Group to question The its

Darren Mercer

granularity very, to today think is we answer said, large. presentation export I've and short it, the the start imminently. give think soon expect our I I as that very very to very around in more But perhaps business we indicated just

Africa this, increase those number going volumes only capacity to million basket of we warehouse going turn help ago export. to also today status, X million back even else now projects from and today, of food Nigeria million platform. the year between capability As of a which I where we that for is believe and XX nobody we're XX spoken our how deal to back there and Kingdom end. And a we're produce in of haven't have. XX the to to the hopefully get I from That's that by to get years as we increase to to in about have haven't provide platform farmers farmers Malawi million have of level great that will farmers spoken the be outlined going storage have itself X used going large in in getting we of for Ashanti whose our we produce XX that about

now So getting and of going we significant we have infrastructure planned is monetary and that. amount indeed. on that that to have support logistical the we're I'm volume for a very into that put produce not a

today see X contribution in internal Tingo Foods products just the itself. can demand You of Nigeria from for

We from for fairly drinks. have previous unlimited. other how side going exports and opportunity tea products, us in the spoken to The answers demand many and produce of increase cocoa and even today coffee carbonated a that's seems for

our been that other much penetrating come really produce AFAN security by The grow believe AFAN indeed. we by helped market farmers million satisfy is only has export. to stream. to through very, or been we going PCX yields, fact ability and only helping around crop increased we're even goes to internal has increase only for helped be And XX has will the been to platform our for technological on only is thresholds through the more for get and significant that as and XX markets -- Ghana amount either more consumption and that our food Our start produce provides million very helped contracts number from Malawi of with warehousing that processing

Operator

the that seems to I'm Nwassa still mind in confused neither works, about can fully Please, bearing Nwassa explain? be or website how functional. you your Marketplace app Nwassa

Darren Mercer

Yes.

the it we full end think it's that of we March. and then at explained And to better had caller, a I results was year recap. perhaps the looking at question back

is operated it XXXX. since USSD was in via Our launched Nwassa platform Marketplace

the to data. supplementary who send execute communication transactions. March, what unstructured for be in certain you a hear we and that, it's aware may mobile to for company USSD of For aren't those back protocol and service who It's stands to didn't system messages text of new said used global

purchase platform Tingo of to So insurance inputs, customers the the across to not the but pay the relation Marketplace, the the or of utility USSD bills, Nwassa to execute and sale also purchase of only mobile purchase allows in phone to air farming time, Nwassa arrange course produce finance. transactions

they not still has As that which operational technological been are USSD part Nwassa of and the Nwassa in Once development operate development and in still completed, existing platform. and yet and our developing the we website are today Nwassa the they'll are be planned app, alongside testing. development, launched testing to

app achieve of timing, we're perhaps the the and XXXX. the part terms QX In aiming during launch the website to of early of of

Operator

year. beta is to this of the I version launched? a noticed that TingoPay full soft When be February expected in launched version was of

Darren Mercer

testing of both teams Yes. TingoPay technology our own and Visa teams is at very a by advanced development of themselves. the stage

and user that also revenue think enhance testing TingoPay's generation the -- we products the During experience believe we've new phase, capabilities. added a both and certainly number of functions

end window of of QX QX really we're the for early stand XXXX. the part aiming As a today, between launch things of and

Operator

the I would over call remarks. now Mr. like Mercer to closing back to for turn his

Darren Mercer

of our I'd update more please IR Group, will Thank to joining much. than our been really call for each who reach MZ on I were company. so all you forward of your ongoing questions to today unable to Thank growth. and conference to what has happy assist. out thank a momentous progress to do look any earnings for today, you, If answer we our however in firm, like you be you operator. quarter to the continuing And

Operator

This concludes conference. today's

your at for your participation. you lines time. You this Thank may disconnect

Tingo (TIOG) 15 May 232023 Q1 Earnings call transcript