Tingo shares roar back on blowout Q2 revenue growth, announces dividend

Tingo

31/08/2023 12:52

** Shares of financial tech firm Tingo Group  TIO.O  up
14.3% to $1.60 premarket 
    ** Co reports Q2 net revenue of $977.2 mln vs $12.0 mln a
year ago - up 8,072%, operating profit of $181.7 mln compared to
a loss of $13.8 mln a year ago 
    ** "The near 70% depreciation of the Naira against the U.S.
dollar following the lifting of Nigeria's foreign exchange
restrictions has clearly had an impact on the U.S. dollar
conversion of our results for the second quarter," - TIO CEO
Darren Mercer
    ** Nigeria's currency has since been weakening on black
market as unmet seasonal demand in official window continues to
spill into informal market 
    ** Co also announces quarterly dividends, to convert $20 mln
Naira into USD for the purpose of paying quarterly divs 
    ** Short-seller Hindenburg criticized TIO's founder and
alleged firm "fabricated" its financials in early June 
    ** Co delayed posting its results twice, citing additional
time required for completion of independent review on
allegations
    ** As off Wednesday's close, TIO shares have added 68.7% YTD

 (Reporting by Shreyashi Sanyal)
 ((Shreyashi.Sanyal@thomsonreuters.com;))