Tingo Group rises on higher revenue, profit vs year-ago loss

Tingo

15/05/2023 15:03

(Updates)
    ** Shares of fintech firm Tingo Group Inc  TIO.O , formerly
MICT Inc, rise as much as 13.4% over 2-1/2 year high of $3.289
    ** Co's Q1 revenue surges to $851.2 mln from $9.6 mln a year
earlier 
    ** TIO credits revenue jump to its acquisition of Tingo
Mobile in Nov. and Tingo Foods in Feb, saying it helped grow its
footprint in the agri-fintech marketplace
    ** Says the acquisition of Tingo Foods added $577 mln in
overall revenue
    ** Also reports Q1 net income of $176.7 mln compared to a
net loss of $8.7 mln, previously
    ** Shares last up ~8% at $3.13
    ** Stock has more than tripled in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))