(TIO) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Tingo Group second-quarter 2023 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tingo 集團 2023 年第二季度財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

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.

在我們開始正式演示之前，我想提醒大家，電話會議和網絡廣播中的陳述可能包括預測、估計或其他可能被視為前瞻性的信息。雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們並不是保證，並且存在可能導致實際結果出現重大差異的風險和不確定性。

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.

請您注意不要過分依賴這些前瞻性陳述，這些陳述僅反映我們截至本演示文稿發布之日的觀點。請記住，我們沒有義務根據新信息或未來事件修改或公開發布對這些前瞻性陳述的任何修改結果。

Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-Q filed today and Form 10-K for more complete discussion of these factors and other risks, particularly under the heading risk factors. A press release detailing these results crossed the wire this morning at 7:15 AM Eastern Time and is available in the Investor Relations section of our company's website, tingogroup.com.

在今天的討論中，我們將嘗試提出一些與我們的業務相關、可能影響我們的預測的重要因素。您還應該查看我們今天提交的最新表格 10-Q 和表格 10-K，以更完整地討論這些因素和其他風險，特別是在風險因素標題下。詳細介紹這些結果的新聞稿於東部時間今天早上 7:15 發布，可在我們公司網站 tingogroup.com 的投資者關係部分查看。

Your hosts today, Darren Mercer, Tingo Group's Chief Executive Officer; Dozy Mmobuosi, Tingo Mobile and Tingo Foods Founder and CEO; and Kevin Chen, Tingo Group Chief Financial Officer. We'll present results of operations for the quarter ended June 30, 2023.

今天的主持人是 Tingo 集團首席執行官達倫·默瑟 (Darren Mercer)； Dozy Mmobuosi，Tingo Mobile 和 Tingo Foods 創始人兼首席執行官；和Tingo集團首席財務官Kevin Chen。我們將公佈截至 2023 年 6 月 30 日的季度運營業績。

At this time, I'll turn the call over to Tingo Group Chief Executive Officer, Darren Mercer. Please go ahead.

此時，我會將電話轉給 Tingo 集團首席執行官達倫·默瑟 (Darren Mercer)。請繼續。

Thank you, operator, and good morning, everybody. I am pleased to welcome you to today's second-quarter 2023 financial results conference call.

謝謝接線員，大家早上好。我很高興歡迎您參加今天的 2023 年第二季度財務業績電話會議。

Despite the challenges we've encountered over the past few months, namely the short seller attack in June, significant devaluation of Nigeria's currency following the lifting of certain foreign exchange restrictions, a period of economic stagnation in Nigeria following the government elections in February of 2023, and subsequently changes with presidential administrations in May, I am delighted with our progress and achievements over the past three months and extremely excited about our prospects for the remainder of the year and beyond.

儘管我們在過去幾個月遇到了挑戰，即 6 月份的賣空者攻擊、取消某些外匯限制後尼日利亞貨幣大幅貶值、2023 年 2 月政府選舉後尼日利亞經濟陷入一段時期的停滯，以及隨後五月份總統政府的變化，我對我們在過去三個月中取得的進展和成就感到高興，並對我們今年剩餘時間及以後的前景感到非常興奮。

For those of you joining us for the first time, I would like to take a moment to introduce Tingo Group. Tingo Group is a diverse fintech and agri-fintech group of companies, with operations in Africa, Southeast Asia, and Middle East. We significantly expanded on somewhat transformed the company when we acquired 100% of Tingo Mobile Ltd. on November 30, 2022, and then acquired Tingo Foods Plc on February 7, 2023, before subsequently changing our name to Tingo Group on February 27, 2023.

對於那些第一次加入我們的人，我想花點時間介紹一下Tingo Group。 Tingo Group 是一家多元化的金融科技和農業金融科技公司集團，業務遍及非洲、東南亞和中東。我們於2022 年11 月30 日收購了Tingo Mobile Ltd. 100% 的股份，隨後於2023 年2 月7 日收購了Tingo Foods Plc，隨後於2023 年2 月27 日更名為Tingo Group，從而對公司進行了一定程度的轉型。

As of today, the Tingo Group is comprised of the following businesses. Tingo Mobile, which is a leading fintech and agri-fintech business in Africa. It operates through device-as-a-service and smartphone USSD platform model. Tingo Foods, which uptakes crops from the Tingo Mobile substantial and growing customer base of farmers and processes those crops into finished food and beverage products. Tingo DMCC, which operates a commodity trading platform on export business from the Dubai Multi Commodity Center and deals in both more agricultural commodities from our Tingo Mobile farmers and finished good products in Tingo Foods.

截至目前，Tingo 集團由以下業務組成。 Tingo Mobile 是非洲領先的金融科技和農業金融科技企業。它通過設備即服務和智能手機 USSD 平台模型進行運營。 Tingo Foods，從 Tingo Mobile 龐大且不斷增長的農民客戶群中獲取作物，並將這些作物加工成食品和飲料成品。 Tingo DMCC，運營著迪拜多種商品中心出口業務的商品交易平台，並交易來自 Tingo Mobile 農民的更多農產品和 Tingo Foods 的成品。

TingoPay. We had developed and recently begins to operate a beta version of the TingoPay Super-App, supported by our Pan-African partnership with Visa. The full version of TingoPay, which will be rolled out later this year, provides payment services and e-wallet in the range of value-added services to customers. TingoPay in partnership with Visa also offers a range of merchant services to businesses.

廷戈支付。在我們與 Visa 的泛非合作夥伴關係的支持下，我們開發了 TingoPay 超級應用程序的測試版，並於最近開始運營。 TingoPay的完整版本將於今年晚些時候推出，為客戶提供支付服務和電子錢包等增值服務。 TingoPay 與 Visa 合作還為企業提供一系列商戶服務。

We also have a number of fintech verticals that have today being focused on the Southeast Asian market. Within the past few months, however, we focus on maximizing shareholder value and leveraging the most profitable and value parts of the Tingo Group, we are currently restructuring this part of the business and winding down or disposing of any operations that do not achieve our target contribution metrics. Our group of businesses and synergistic ecosystem they create, places us in a remarkable position from which we can expand both in our current markets and internationally and deliver significant further growth.

我們還有許多金融科技垂直行業，目前專注於東南亞市場。然而，在過去的幾個月裡，我們專注於股東價值最大化並利用 Tingo 集團最賺錢和最有價值的部分，目前我們正在重組這部分業務，並逐步結束或處置任何未實現我們目標的業務貢獻指標。我們的業務集團和他們創建的協同生態系統使我們處於卓越的地位，我們可以在當前市場和國際市場上進行擴張，並實現顯著的進一步增長。

Despite the challenges I mentioned earlier, which we believe are temporary on short-term issues that will ultimately benefit the company in the long term, we achieved quarter-over-quarter revenue growth in the second quarter of 14.8%. What is important to note is that this was against the backdrop of a 66.3% devaluation of Nigeria's currency during the second quarter, and a period of economic stagnation in Nigeria following governments election and subsequent change in presidential administrations.

儘管我之前提到的挑戰，我們認為這些挑戰只是短期問題，最終將使公司長期受益，但我們在第二季度實現了 14.8% 的季度環比收入增長。值得注意的是，這是在第二季度尼日利亞貨幣貶值66.3%、以及政府選舉和隨後總統換屆後尼日利亞經濟陷入停滯的背景下發生的。

It is worth noting the significant devaluation in Nigeria's currency occurred as a result of the Central Bank of Nigeria's removal of foreign exchange restrictions, which we believe will deliver significant long-term benefits to our business, including the acceleration of the dollarization of our business and making our export and commodity trading activities more profitable.

值得注意的是，尼日利亞中央銀行取消外匯限制導致尼日利亞貨幣大幅貶值，我們相信這將為我們的業務帶來重大的長期利益，包括加速我們業務的美元化和使我們的出口和商品貿易活動更加有利可圖。

Furthermore, once the policies of Nigeria's new government have been fully implemented, we do expect Nigeria's currency to appreciate and this economy to rebound strongly, which should be hugely beneficial to the company and our shareholders.

此外，一旦尼日利亞新政府的政策得到全面落實，我們確實預計尼日利亞貨幣將升值，經濟將強勁反彈，這對公司和我們的股東來說都是巨大的利好。

Following the completion of our acquisition of Tingo Mobile on November 30, 2022, we have been highly profitable and continued to grow strongly since, including through the subsequent acquisition of Tingo Foods and the commencement of export trades through Tingo DMCC. We have also achieved organic growth, including through our partnership with the All Farmers Association of Nigeria and our launch into Ghana. This growth is set to continue following the delivery of 6 million new handsets that we plan to distribute new AFAN customers.

繼我們於 2022 年 11 月 30 日完成對 Tingo Mobile 的收購後，我們一直保持高利潤並持續強勁增長，包括隨後收購 Tingo Foods 以及通過 Tingo DMCC 開展出口貿易。我們還實現了有機增長，包括通過與尼日利亞全農協會的合作以及進入加納。在我們計劃向新的 AFAN 客戶交付 600 萬部新手機後，這種增長將繼續下去。

Our financial results highlights for the group is shown on this slide. Once again, all representative of our strong financial performance since the completion of our acquisition of Tingo Mobile on November 30, 2022, and our subsequent acquisition of Tingo Foods.

這張幻燈片顯示了我們該集團的財務業績亮點。這些再次代表了我們自 2022 年 11 月 30 日完成收購 Tingo Mobile 以及隨後收購 Tingo Foods 以來的強勁財務業績。

For the quarter ended June 30, 2023, the company generated over USD977 million in revenue, USD346 million in gross profit, USD283 million in EBITDA, and nearly USD182 million in income before tax. Furthermore, our high levels of operational cash flow enabled us to invest just under USD1 billion in the quarter on purchasing 6 million mobile phone handsets for distribution to new customers and on inventory payments for both Tingo Food and Tingo DMCC businesses.

截至 2023 年 6 月 30 日的季度，該公司實現了超過 9.77 億美元的收入、3.46 億美元的毛利潤、2.83 億美元的 EBITDA 和近 1.82 億美元的稅前收入。此外，我們高水平的運營現金流使我們能夠在本季度投資近 10 億美元，購買 600 萬部手機分發給新客戶，並支付 Tingo Food 和 Tingo DMCC 業務的庫存費用。

Slide 5, our mission. As mentioned previously, our reason why Tingo Group is very important to us, for those of you that have listened to or read our presentation are most likely already aware of our mission statements.

幻燈片 5，我們的使命。如前所述，Tingo Group 對我們非常重要的原因是，那些聽過或閱讀過我們演示文稿的人很可能已經了解我們的使命宣言。

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

對於那些不熟悉的人來說，Tingo Group 的首要使命是通過我們的金融科技平台促進數字和金融包容性，並推動社會和經濟發展。在我們的農業金融科技業務中，我們的使命包括承諾通過賦予農民權力、提高農作物產量、減少收穫後損失以及更好地獲取糧食，從而在改善全球糧食供應和應對世界糧食安全危機方面發揮重大作用。國外和國內市場。在區域層面，我們還致力於支持非洲及其農民實現可持續的糧食自給自足，結束非洲的糧食不安全和貧困。

Slide 6, acquisition and recent developments. By way of a recap, we entered into a merger agreement to acquire Tingo Mobile on May 10, 2022. Following this, we immediately appointed a team of some of the world's largest and most reputable professional advisors to undertake extensive due diligence and financial analysis. Amongst others, the team included Big 4 accounting firm; a number-one US law firm who's the largest in Africa; and as I said, other professional advisers too.

幻燈片 6，收購和最新進展。回顧一下，我們於2022 年5 月10 日簽訂了收購Tingo Mobile 的合併協議。此後，我們立即任命了一個由一些全球最大、最有信譽的專業顧問組成的團隊來進行廣泛的盡職調查和財務分析。其中，團隊成員包括四大會計師事務所；美國排名第一、非洲最大的律師事務所；正如我所說，還有其他專業顧問。

We announced on June 15, 2022, the due diligence exercise had been completed and that the findings were positive with no material concerns. The original merger agreement was amended and restated in October of 2022 to facilitate the expedited acquisition of 100% of Tingo Mobile, as well as an improvement in the terms for the company's shareholders. The acquisition was subsequently completed on November 30, 2022.

我們於 2022 年 6 月 15 日宣布，盡職調查工作已經完成，調查結果積極，沒有重大問題。原合併協議於2022年10月進行了修訂和重述，以促進加快收購Tingo Mobile 100%的股權，並改善公司股東的條款。此次收購隨後於2022年11月30日完成。

With the benefits of the companies and Tingo Mobile's collaboration, the fourth quarter of 2022 mark the beginning of the geographical expansion of Tingo Mobile with the opening of offices in Ghana, Malawi, and Dubai. The fourth quarter also saw and launched the Tingo DSCC commodities trading platform and export business. And a soft launch of the beta version of the TingoPay Super App in partnership with Visa.

憑藉兩家公司和 Tingo Mobile 合作的優勢，2022 年第四季度標誌著 Tingo Mobile 地域擴張的開始，在加納、馬拉維和迪拜開設了辦事處。第四季度還推出了Tingo DSCC大宗商品交易平台和出口業務。並與 Visa 合作軟啟動了 TingoPay 超級應用程序的測試版。

By January of 2023, we began to pivot the company's insurance and fintech verticals to better complement the Tingo businesses with the goal of leveraging its already established brands and larger customer base. Then on February 7, 2023, we acquired the Tingo Foods and beverage processing business to further strengthen the Tingo seed-to-sale ecosystem.

到 2023 年 1 月，我們開始調整公司的保險和金融科技垂直業務，以更好地補充 Tingo 業務，目標是利用其已經建立的品牌和更大的客戶群。然後在2023年2月7日，我們收購了Tingo食品和飲料加工業務，以進一步加強Tingo種子到銷售的生態系統。

Also on November 27, 2023, we changed our corporate name and ticker symbol to better reflect the importance of the Tingo brands to the business and provide improved clarity to our external stakeholders, including current and prospective partners, customers, and investors.

同樣在2023 年11 月27 日，我們更改了公司名稱和股票代碼，以更好地反映Tingo 品牌對業務的重要性，並為我們的外部利益相關者（包括當前和潛在的合作夥伴、客戶和投資者）提供更高的清晰度。

Our reporting of full 2022 financial results on March 31, 2023 was followed in April by the announcements of Tingo Mobile exclusive partnership agreement with PCX and AFAN. On May 30th, we completed our first commodity export trades through Tingo DMCC, marking a major milestone in our strategy to dollarize the company's net earnings.

我們於 2023 年 3 月 31 日報告了 2022 年完整財務業績，隨後於 4 月份宣布了 Tingo Mobile 與 PCX 和 AFAN 的獨家合作夥伴協議。 5 月 30 日，我們通過 Tingo DMCC 完成了第一筆商品出口交易，這標誌著我們公司淨利潤美元化戰略的一個重要里程碑。

Lastly, earlier today, we announced the commencement of a quarterly dividend, payable to the holders of both our common stock and Series B convertible preferred shares on the adoption of a dividend policy. The first dividend payments has provisionally been agreed in the amounts of USD20 million, which we aim to set the record date for as soon as practicable and all classified as relating to our second-quarter results.

最後，今天早些時候，我們宣布開始發放季度股息，在採用股息政策時向普通股和 B 系列可轉換優先股的持有者支付。首次股息支付金額已臨時商定為 2000 萬美元，我們的目標是在可行的情況下盡快設定記錄日期，並全部歸類為與我們第二季度業績相關的股息。

By way of the recap and updates on the Tingo Mobile business that I founded about 22 years ago, we'll begin with the Tingo Mobile business as a service model and then more so, NWASSA agri-fintech platform, which we believe is a leading agri-fintech platform in Africa. Following the signing of the definitive merger agreement with MICT in October of 2022, we set about accelerating growth strategy.

通過對我大約 22 年前創立的 Tingo Mobile 業務的回顧和更新，我們將從 Tingo Mobile 業務即服務模式開始，然後是 NWASSA 農業金融科技平台，我們認為該平台是領先的非洲農業金融科技平台。 2022 年 10 月與 MICT 簽署最終合併協議後，我們開始實施加速增長戰略。

In November and December 2022, we signed cleared agreements with two major partners with the aim of quickly expanding Tingo Mobile's customer base from 9.3 million to unexpected 30 million. We signed a partnership with signed a partnership with the All Farmers Association of Nigeria, which included a commitment to enroll a minimum of 20 million new customers to Tingo Mobile. We also launched in Ghana and sign it with agreement with Kingdom of Ashanti, which concluded a commitment to enroll a minimum of 2 million new customers to Tingo Mobile, on the target goal of enrolling more than 4 million new customers.

2022年11月和2022年12月，我們與兩個主要合作夥伴簽署了明確的協議，旨在將Tingo Mobile的客戶群迅速從930萬擴大到意想不到的3000萬。我們與尼日利亞全農協會簽署了合作夥伴關係，其中包括承諾為 Tingo Mobile 招收至少 2000 萬新客戶。我們還在加納推出了該服務，並與阿散蒂王國簽署了協議，該王國承諾為 Tingo Mobile 招攬至少 200 萬新客戶，目標是招攬超過 400 萬新客戶。

Soon afterwards, we launched into Malawi and have made progress towards several partnerships, with the goal of establishing a base to rollout in the future across the East Africa, including Tanzania, Mozambique, and Zambia. Looking further ahead, we plan to expand in the future into other parts of Africa as well as into Asia and other advanced markets in the world. Through our businesses within the Tingo family, mainly Tingo Foods and Tingo DMCC, we aim to increase offtake and demand for produce from Tingo Mobile's farmers, thereby treating with ourselves for enforcement cycle.

不久之後，我們進入了馬拉維，並在多個合作夥伴關係方面取得了進展，目標是建立一個未來在東非推廣的基地，包括坦桑尼亞、莫桑比克和讚比亞。展望未來，我們計劃未來擴展到非洲其他地區以及亞洲和世界其他先進市場。通過我們在 Tingo 家族內的業務，主要是 Tingo Foods 和 Tingo DMCC，我們的目標是增加 Tingo Mobile 農民對農產品的購買和需求，從而在執行週期中善待我們自己。

In April 2023, as part of the further strengthening of our ecosystem, Tingo Mobile entered into a tripartite agreement at PCX and AFAN, which I will discuss in more detail shortly. Lastly, as we look to expand the reach of our North America platform, we are making good progress in testing and further developing the forthcoming NWASSA web platform and NWASSA app, which we intend to launch later this year to complement the already successful years of the GSM platform.

2023 年 4 月，作為進一步加強我們生態系統的一部分，Tingo Mobile 在 PCX 和 AFAN 簽訂了三方協議，我將很快對此進行更詳細的討論。最後，當我們希望擴大北美平台的覆蓋範圍時，我們在測試和進一步開發即將推出的NWASSA 網絡平台和NWASSA 應用程序方面取得了良好進展，我們打算在今年晚些時候推出，以補充已經成功的幾年GSM平台。

Slide 8, Tingo Foods. Tingo Food was acquired by the group on February 7, 2023. This is a business of Dozi Mmobousi have been developing for some time outside of Tingo Mobile. Tingo Foods is launched as a standalone company in September of 2022, focusing on supplying a relatively small range of products to several large distribution and wholesale businesses. Tingo Foods creates significant demand and offtake with Tingo Mobile's farmers, while at the same time creating supply with Tingo DMCC's commodity trading and export business.

第 8 張幻燈片，Tingo Foods。 Tingo Food 於 2023 年 2 月 7 日被該集團收購。這是 Dozi Mmobousi 在 Tingo Mobile 之外開發了一段時間的業務。 Tingo Foods 於 2022 年 9 月作為一家獨立公司成立，專注於向多家大型分銷和批發企業供應相對較小範圍的產品。 Tingo Foods 為 Tingo Mobile 的農民創造了巨大的需求和承購量，同時為 Tingo DMCC 的商品貿易和出口業務創造了供應。

In the first five months of trading since we acquired Tingo Foods Plc in February of 2023, the businesses generated revenues of USD983.7 million and delivered an operating profit of USD203.8 million. The US dollar conversion of the revenues and earnings and Tingo Foods was adversely impacted by the significant devaluation of Nigeria's currency against the US dollar in June of 2023, when the Central Bank of Nigeria removed certain foreign exchange restrictions. We believe that these actions will ultimately be beneficial for the company, including helping to accelerate the dollarization of the business and for the growth and profit margins of our export business.

自 2023 年 2 月收購 Tingo Foods Plc 以來的前五個月，這些業務的收入為 9.837 億美元，營業利潤為 2.038 億美元。 2023 年 6 月，尼日利亞中央銀行取消了某些外匯限制，尼日利亞貨幣兌美元大幅貶值，對收入和收益以及 Tingo Foods 的美元換算產生了不利影響。我們相信，這些行動最終將對公司有利，包括幫助加速業務美元化以及我們出口業務的增長和利潤率。

The Tingo Foods business was also impacted by the economic stagnation in Nigeria that ensued around the time of the change in presidential administration, which resulted in several customer delaying orders. Tingo Foods is set to multiply capacity and revenue for the new state-of-the-art USD1.6-billion-food processing facility in the Delta State of Nigeria. Our joint venture construction partner has confirmed the project is on track to enabled Tingo Food to commence processing operations on-site by mid-2024.

Tingo Foods 業務還受到總統換屆前後尼日利亞經濟停滯的影響，導致一些客戶推遲訂單。 Tingo Foods 計劃在尼日利亞三角州新建一座耗資 16 億美元、最先進的食品加工廠，以提高其產能和收入。我們的合資建築合作夥伴已確認該項目進展順利，Tingo Food 將在 2024 年中期開始現場加工業務。

On February 22, 2023, Tingo Foods signed a partnership with Evtec Energy Plc, to build a USD150-million, 110-megawatt solar plant to power the facility, which aim is to achieve net zero carbon emissions and deliver reduce energy costs. We believe Africa's farmers and agricultural sector will benefit from the significant expansion of the continent's own processing capabilities, increasing crop demand, reducing post-harvest losses, ensuring fairer selling prices for farmers, and delivering financial upliftment.

2023 年 2 月 22 日，Tingo Foods 與 Evtec Energy Plc 簽署合作夥伴關係，建設一座耗資 1.5 億美元、110 兆瓦的太陽能發電廠，為該設施供電，旨在實現淨零碳排放並降低能源成本。我們相信，非洲農民和農業部門將受益於非洲大陸自身加工能力的顯著擴張、作物需求的增加、收穫後損失的減少、確保農民獲得更公平的銷售價格以及財務狀況的改善。

Slide 9, Tingo DMCC agri-commodity platform. In December 2022, we launched Tingo DMCC, which is an agricultural commodity platform and export business in partnership with the Dubai Multi Commodity Center or DMCC. As part of achieving our ecosystem, Tingo DMCC was already becoming a significant source of offtake of raw crops from Tingo Mobile's farmers and is also expected to be a major customer of Tingo Foods in the future as it looks to export their finished food and beverage products.

幻燈片 9，Tingo DMCC 農產品平台。 2022 年 12 月，我們推出了 Tingo DMCC，這是與迪拜多種商品中心 (DMCC) 合作的農產品平台和出口業務。作為實現我們生態系統的一部分，Tingo DMCC 已經成為 Tingo Mobile 農民採購原料作物的重要來源，並且預計未來也將成為 Tingo Foods 的主要客戶，因為該公司希望出口其成品食品和飲料產品。

Having spent several months working with AFAN, our farmers is on the aggregation of both volumes and produce, we completed our first export trades on May 30, 2023 and delivered USD348 million of export revenues in the second quarter through the farmers of Nigeria, which are estimated to total around 60 million. And with the addition of Ghana, Malawi, and certain other territories in the future, we now have access to several billion US dollars per annum of agricultural produce for our export business.

經過與AFAN 合作數月的時間，我們的農民正在對數量和產量進行匯總，我們於2023 年5 月30 日完成了首次出口貿易，並在第二季度通過尼日利亞農民實現了3.48 億美元的出口收入，其中估計總數約為6000萬。隨著加納、馬拉維和未來某些其他地區的加入，我們現在每年可以獲得數十億美元的農產品用於我們的出口業務。

Furthermore, our exclusive partnership with PCX and AFAN, which strengthens our supply chain and goods-handling capabilities and gives us priority access to PCX commodity trading platform, is already proven to be valuable as we develop the business and build a strong foundation. The Tingo DMCC export business is expected to dollarize and globalize Tingo Group, whilst at the same time providing Tingo Mobile's farmers and Tingo Foods' direct access to international markets.

此外，我們與PCX 和AFAN 的獨家合作夥伴關係增強了我們的供應鍊和貨物處理能力，並使我們能夠優先進入PCX 商品交易平台，這已經被證明對於我們發展業務和建立堅實的基礎非常有價值。 Tingo DMCC 出口業務預計將使 Tingo 集團美元化和全球化，同時為 Tingo Mobile 的農民和 Tingo Foods 提供直接進入國際市場的機會。

Slide 10, PCX and AFAN. On April 26, 2023, it was announced that Tingo Mobile had partnered with PCX and AFAN, for the exclusive use of AFAN's existing network of 2,322 warehouses across Nigeria for a minimum term of 30 years. This strategic partnership uniquely positioned Tingo to monetize Nigeria's crop ecosystem across this population of 213 million and the global export markets.

幻燈片 10、PCX 和 AFAN。 2023 年 4 月 26 日，Tingo Mobile 宣布與 PCX 和 AFAN 合作，獨家使用 AFAN 在尼日利亞境內 2,322 個倉庫組成的現有網絡，期限至少為 30 年。這一戰略合作夥伴關係使 Tingo 能夠利用尼日利亞 2.13 億人口和全球出口市場的作物生態系統貨幣化。

Under the terms of the agreements, Tingo Mobile has the rights of first refusal to purchase or trade any of the produce stored in the AFAN warehouses, which intends to use primarily to serve the Tingo Foods' food processing business and the Tingo DMCC commodity trading and export business.

根據協議條款，Tingo Mobile 擁有優先購買或交易 AFAN 倉庫中存儲的任何產品的權利，這些產品主要用於服務於 Tingo Foods 的食品加工業務和 Tingo DMCC 商品貿易和出口業務。

PCX has installed its leading-edge e-warehouse receipt system in all of the partnership's warehouses, enabling crops and other produce to be commoditized and traded by Tingo from the date of delivery. Tingo Mobile is also to be granted a priority position on the PCX commodity trading platform, enabling Tingo DMCC to trade farming produce under the commodities on spot, futures, physical, and the derivative basis.

PCX 已在合作夥伴的所有倉庫中安裝了其領先的電子倉單系統，使農作物和其他產品自交貨之日起即可由 Tingo 進行商品化和交易。 Tingo Mobile 還將獲得 PCX 大宗商品交易平台的優先地位，使 Tingo DMCC 能夠在現貨、期貨、實物和衍生品基礎上進行農產品交易。

AFAN, umbrella body for Nigeria's farming sector, has committed to coordinate all of its agricultural cooperatives and members to utilize the partnership's warehouses to handle their produce. In addition, the partnership has committed to a targeted increase in the number of warehouses to 80,000 over the next few years. Tingo Mobile also has the right to sublet the warehouse space to pre-approve third parties, such as e-commerce businesses and wholesale businesses.

AFAN 是尼日利亞農業部門的傘式機構，致力於協調其所有農業合作社和成員，利用該合作社的倉庫來處理其產品。此外，雙方還承諾在未來幾年內將倉庫數量目標增加至 80,000 個。 Tingo Mobile還有權將倉庫空間轉租給預先批准的第三方，例如電子商務企業和批發企業。

As mentioned previously, this partnership with AFAN and PCX is expected to considerably increase our offtake of crops and other properties from farmers, which we believe will help to satisfy a substantial future input requirements of our food processing and commodity trading and export business. Importantly, the agreements also further augments our seed-to-sale model, helping us to achieve our objectives of reducing post-harvest losses, crop wastage, whilst also increasing food production levels and meaningfully improving food security.

如前所述，與 AFAN 和 PCX 的合作預計將大大增加我們從農民手中購買農作物和其他財產，我們相信這將有助於滿足我們食品加工、商品貿易和出口業務未來的大量投入需求。重要的是，這些協議還進一步增強了我們的種子到銷售模式，幫助我們實現減少收穫後損失和作物浪費的目標，同時提高糧食生產水平並切實改善糧食安全。

For those of you joining us for the first time, TingoPay, which is currently being tested in beta version is super app that have a full range of value-added services and partnership with Visa. Such services include digital Visa card, e-wallet payment services, marketplace, e-commerce, insurance and finance. As a full market, B2C and B2B offering, the TingoPay Super App and Visa partnership is helping us to diversify and expanding into new sectors, with the aim of making TingoPay and also Tingo household names as widely recognized as Visa itself. To assist us in achieving market penetration, our Pan-Africa partnership with Visa includes the provision of marketing and customer acquisition support.

對於那些第一次加入我們的人來說，目前正在測試版本的TingoPay是一個擁有全方位增值服務並與Visa合作的超級應用程序。此類服務包括數字 Visa 卡、電子錢包支付服務、市場、電子商務、保險和金融。作為一個完整的市場、B2C 和 B2B 產品，TingoPay 超級應用程序和 Visa 的合作夥伴關係正在幫助我們實現多元化並擴展到新的領域，目標是使 TingoPay 和 Tingo 的名字像 Visa 本身一樣家喻戶曉。為了幫助我們實現市場滲透，我們與 Visa 的泛非合作夥伴關係包括提供營銷和客戶獲取支持。

As I mentioned, all business sectors will benefit from a new range of Tingo-Visa merchant services, and TingoPay business puddle and smaller farmer customers will see significant additional advantages through the integration of TingoPay with our NWASSA agri marketplace platform. The TingoPay business partner and Tingo-Visa merchant services enable subscribers, farmers, and businesses in all sector to easily and securely accept payments and to make online transactions in the domestic or foreign currencies, as well as to manage the card's setup for recurring impairments and access transactional shipments.

正如我所提到的，所有商業部門都將受益於一系列新的Tingo-Visa 商業服務，而TingoPay 業務池和小型農民客戶將通過TingoPay 與我們的NWASSA 農業市場平台的集成看到顯著的額外優勢。 TingoPay 業務合作夥伴和 Tingo-Visa 商戶服務使各行業的訂戶、農民和企業能夠輕鬆、安全地接受付款並以本幣或外幣進行在線交易，並管理卡的設置以防止經常性減值和損失。訪問交易貨運。

The test of the beta version of the TingoPay app is progressing well as the technical development team is constantly making improvements ahead of its rollout. Such improvements include the addition of new functions and several new value-added services. Our current target is to launch the full-scale TingoPay by the end of the third quarter.

TingoPay應用程序測試版的測試進展順利，技術開發團隊在推出前不斷進行改進。這些改進包括添加新功能和一些新的增值服務。我們目前的目標是在第三季度末全面推出TingoPay。

The Tingo Mobile, Nwassa, TingoPay, Tingo Food, and Tingo DMCC, we have created a full agri-fintech ecosystem, which is at the very heart of our business. We communicate with the services to our farmers through the smartphone handsets we supply to them. The farmers can then use Nwassa to purchase inputs for their farming business, to purchase other services, to make payments, and to sell their produce.

Tingo Mobile、Nwassa、TingoPay、Tingo Food 和 Tingo DMCC，我們創建了一個完整的農業金融科技生態系統，這是我們業務的核心。我們通過向農民提供的智能手機與他們進行服務溝通。然後，農民可以使用 Nwassa 為其農業業務購買投入品、購買其他服務、付款以及出售產品。

Tingo Foods forms an important part of the ecosystem for both the valuable customer and the source of offtake for Tingo Mobile's farmers, processing now raw crops into finished food and beverage products. Finally, Tingo DMCC is in a position to trade and export both the raw crops of Tingo Mobile farmers and the finish food and beverage products of Tingo Foods, which it is able to sell into a global market where demand significantly outstrip supply.

Tingo Foods 是有價值的客戶和 Tingo Mobile 農民的收入來源的生態系統的重要組成部分，目前將原料作物加工成食品和飲料成品。最後，Tingo DMCC 能夠貿易和出口 Tingo Mobile 農民的原料作物以及 Tingo Foods 的食品和飲料成品，並能夠將其銷售到供不應求的全球市場。

This already strong seed-to-sale ecosystem is now strengthened further by the recently signed deal between Tingo Mobile, PCX, and AFAN. The partnership provides us access to a substantial nationwide network of warehouse facilities as well as securing a considerable increase in produce supply and offering those enhanced commodity trading opportunities.

Tingo Mobile、PCX 和 AFAN 最近簽署的協議進一步加強了這個已經很強大的種子到銷售生態系統。該合作夥伴關係使我們能夠利用龐大的全國性倉儲設施網絡，並確保農產品供應大幅增加，並提供更多的商品貿易機會。

In total, the Tingo ecosystem creates a reinforcing loop, a financial and digital inclusion. alongside an increase in food supply and the reduction in post-harvest losses, which in turn improves food security and reduce poverty. Ultimately, these factors deliver financial and social investment not only to our farmers, but also to our stakeholders.

總的來說，Tingo 生態系統創建了一個強化循環，即金融和數字包容性。同時增加糧食供應並減少收穫後損失，從而改善糧食安全並減少貧困。最終，這些因素不僅為我們的農民，也為我們的利益相關者帶來了財務和社會投資。

Slide 13, environment, social and governance. At the center of everything we do, all our core values, and our commitment to our environmental, social, and governance goals. We fought digital and financial inclusion through our technology platforms, driving the social and economic upliftments of our customers. We meaningfully improve the global food supply and help tackle the world's food security crisis by empowering the farmer, helping them increase crop yields, reduce post-harvest losses, gain from improved access to markets, and benefit from fairer pricing.

幻燈片 13，環境、社會和治理。我們所有的核心價值觀以及對環境、社會和治理目標的承諾是我們所做一切的核心。我們通過技術平台推動數字和金融包容性，推動客戶的社會和經濟進步。我們通過賦予農民權力、幫助他們提高作物產量、減少收穫後損失、從改善市場准入中獲益以及從​​更公平的定價中受益，切實改善全球糧食供應並幫助解決世界糧食安全危機。

Our technology and platforms also deliver significant environmental benefits, reducing crop wastage, improving farming and food production efficiency, promoting sustainable farming techniques, and reducing freight miles. As part of our commitment towards the environment and social investment, we are focused on adopting a mature ESG framework underpin and guided by the United Nations' Sustainable Development Goals.

我們的技術和平台還帶來顯著的環境效益，減少作物浪費，提高農業和糧食生產效率，推廣可持續農業技術，並減少貨運里程。作為我們對環境和社會投資承諾的一部分，我們致力於採用成熟的 ESG 框架，以聯合國可持續發展目標為基礎和指導。

I will now turn the call over to Tingo Group's CFO, Kevin Chen, to discuss our second-quarter 2023 financial results as reported in this morning's 10-Q filing.

我現在將把電話轉給 Tingo Group 的首席財務官 Kevin Chen，討論今天上午的 10 季度文件中報告的我們 2023 年第二季度的財務業績。

Thank you, Darren. I am very pleased to present our financial results for the second quarter ended June 30, 2023. A full breakdown of our financial results is available in our regulatory filings and in the press release that crossed the wire earlier this morning.

謝謝你，達倫。我很高興公佈我們截至 2023 年 6 月 30 日的第二季度財務業績。我們的財務業績的完整細目可在我們的監管文件和今天早上早些時候發布的新聞稿中找到。

Before going into numbers, it is important to note the significant impact of the acquisition of Tingo Foods, which closed on February 2023 and has resulted in the consolidation of Tingo Foods financial results into our own from the date of completion. In other words, the result of Tingo Group for the first quarter ended March 31, 2023, include the results of Tingo Foods for approximately two months.

在討論數字之前，重要的是要注意收購 Tingo Foods 的重大影響，該收購於 2023 年 2 月完成，並導致 Tingo Foods 的財務業績自完成之日起併入我們自己的財務業績。換句話說，Tingo Group截至2023年3月31日的第一季度業績包括Tingo Foods約兩個月的業績。

Now turning to some of the key figures. Net revenues for the six months ended June 30, 2023, for [$1.83 billion] compared to $21.5 million for the six months ended June 30, 2022, an increase of 8,396%. The increase is mainly attributed to the acquisition of Tingo Mobile and the Tingo Foods acquisition implementation completed on December 1, 2022, and February 9, 2023, respectively; and the commencement of export trades to a Tingo DMCC in May 2023.

現在轉向一些關鍵人物。截至2023年6月30日的六個月的淨收入為[18.3億美元]，而截至2022年6月30日的六個月的淨收入為2150萬美元，增長了8,396%。這一增長主要歸因於分別於2022年12月1日和2023年2月9日完成的Tingo Mobile收購和Tingo Foods收購實施；並於 2023 年 5 月開始向 Tingo DMCC 進行出口貿易。

Gross profit for the six months ended June 30, 2023 was $732.9 million or 40% of revenues compared to $3.3 million or 15.5% of revenues for the six months ended June 30, 2022. The increase is mainly attributed to the addition of Tingo Mobile and Tingo Foods acquisition completed on December 1, 2022, and February 9, 2023, respectively. And the commencement of export trades for Tingo DMCC in May 2023.

截至2023年6月30日止六個月的毛利潤為7.329億美元，佔收入的40%，而截至2022年6月30日止六個月的毛利潤為330萬美元，佔收入的15.5% 。這一增長主要歸因於Tingo Mobile和Tingo Foods 收購分別於2022年12月1日和2023年2月9日完成。 Tingo DMCC 的出口貿易將於 2023 年 5 月開始。

Selling and marketing expenses for the six months ended June 30, 2023, were $174.2 million as compared to $3.5 million for six months ended June 30, 2022. General and administrative expenses for the six months ended June 30, 2023, were $53.0 million cost compared to $21.0 million for the six months ended June 30, 2022, mainly attributed to the addition of costs from Tingo Mobile and Tingo Foods.

截至2023 年6 月30 日止六個月的銷售和營銷費用為1.742 億美元，而截至2022 年6 月30 日止六個月的銷售和營銷費用為350 萬美元。截至2023 年6 月30 日止六個月的一般及管理費用為5,300 萬美元。截至 2022 年 6 月 30 日的六個月，該成本增至 2100 萬美元，主要歸因於 Tingo Mobile 和 Tingo Foods 的成本增加。

Operating profit for the six months ended June 30, 2023, was $442.4 million versus the operating loss of $23.7 million for the six months ended June 30, 2022. The increase being mainly attributed to the acquisition of Tingo Mobile and Tingo Foods and the commencement of export trade to Tingo DMCC as explained above.

截至2023年6月30日止六個月的營業利潤為4.424億美元，而截至2022年6月30日止六個月的營業虧損為2,370萬美元。這一增長主要歸因於收購Tingo Mobile和Tingo Foods以及開始運營如上所述，向 Tingo DMCC 進行出口貿易。

Net income for the six months ended in June 30, 2023, was $273.2 million compared to a net loss of $23.0 million for the six months ended June 30, 2022. Consolidated EBITDA for the first half of 2023 $655.3 million compared to consolidated EBITDA loss of $21.2 million for the six months ended in June 30, 2022. Tingo Group invested heavily in the growth of of Tingo Mobile, Tingo Foods, and Tingo DMCC during the quarter, including making an upfront payment of $434.2 million of on the purchase of 6 million handsets from for the new AFAN customers.

截至2023 年6 月30 日止六個月的淨利潤為2.732 億美元，而截至2022 年6 月30 日止六個月的淨虧損為2,300 萬美元。2023 年上半年的綜合EBITDA 為6.553 億美元，而截至2022 年6 月30 日的綜合EBITDA 虧損為6.553 億美元。截至2022 年6 月30 日的六個月為2120 萬美元。Tingo Group 在本季度大力投資Tingo Mobile、Tingo Foods 和Tingo DMCC 的增長，包括購買600 萬美元預付款4.342 億美元為新 AFAN 客戶提供的手機。

Prepaying AFAN for the produce for Tingo Food and settling their brought forward payables resulted in a total net outlay of USD336.1 million. And a self-funding stock purchases of $225.8 million for Tingo DMCC's export sales. The revenue for which are scheduled to be received during the third quarter.

向 AFAN 預付 Tingo Food 的產品費用並結清其預付款項，淨支出總額為 3.361 億美元。並自籌資金購買 2.258 億美元的股票，用於 Tingo DMCC 的出口銷售。預計將在第三季度收到收入。

In addition, tax payments totaling $174.0 million were made Tingo Mobile, in its tax, both earnings for fiscal year 2022, and the company also incurred a loss from foreign exchange. As a result, the balance of cash and cash equivalents ended June 30, 2023, decreased to $53.2 million compared to $76.1 million at June 30, 2022.

此外，Tingo Mobile在其2022財年的稅金中繳納了總計1.74億美元的稅款，同時該公司還產生了外匯損失。因此，截至 2023 年 6 月 30 日的現金和現金等價物餘額從 2022 年 6 月 30 日的 7,610 萬美元減少至 5,320 萬美元。

Earlier today, we announced the commencement of quarterly dividends payable to the holders of both of common stock and the Series B convertible preferred shares. The first dividend payment has provisionally been agreed in the amount of $20 million, which we aim to set the record date for as soon as practicable and will classify as leading to our second-quarter results. Our goal is to increase the amount of quarterly dividends as we grow our earnings and cash balances.

今天早些時候，我們宣布開始向普通股和 B 系列可轉換優先股持有人支付季度股息。首次股息支付金額已臨時商定為 2000 萬美元，我們的目標是在切實可行的情況下盡快設定記錄日期，並將其歸類為導致我們第二季度業績的因素。我們的目標是隨著盈利和現金餘額的增長而增加季度股息。

A summary of the income statement of Tingo Group for the three months and six months ended June 2023 as compared to June 2022 is provided on page 15 of the presentation. A reconciliation of GAAP operating income or loss to the non-GAAP EBITDA for the three months and six months ended June 2023 compared to June 2022 is provided on page 16 of the presentation.

演示文稿第 15 頁提供了 Tingo Group 截至 2023 年 6 月的三個月和六個月與 2022 年 6 月相比的損益表摘要。演示文稿第 16 頁提供了截至 2023 年 6 月的三個月和六個月的 GAAP 營業收入或虧損與非 GAAP EBITDA 與 2022 年 6 月相比的調節表。

A summary of the most notable investment and cash expenditures items made by the company during the second quarter is provided on page 17 of the presentation. A summary of the balance sheet highlights is provided on page 18 of the presentation. A summary of the income statement of Tingo Group for the three months and the six months and dated June 2023 compared to June 2022 is provided on page 19 of the presentation.

演示文稿第 17 頁提供了公司第二季度最值得注意的投資和現金支出項目的摘要。演示文稿第 18 頁提供了資產負債表要點摘要。演示文稿第 19 頁提供了 Tingo Group 2023 年 6 月三個月和六個月損益表與 2022 年 6 月相比的摘要。

I'll now hand the call back to Darren.

我現在將把電話轉回給達倫。

Thank you, Kevin. My Board and I believe Tingo Group continues to be uniquely and strongly positioned as a company and as an attractive investment proposition. We are fast growth and highly profitable Nasdaq-listed company, having generated revenues of USD1.83 billion and earnings before interest tax, depreciation, amortization of USD655.3 million in the first half of 2023.

謝謝你，凱文。我和我的董事會相信，Tingo Group 作為一家公司和一個有吸引力的投資主張，將繼續保持獨特而強大的定位。我們是快速增長、高利潤的納斯達克上市公司，2023 年上半年實現收入 18.3 億美元，息稅、折舊、攤銷前利潤 6.553 億美元。

We have a strong balance sheet and our operations are significantly cash flow positive. Earlier today, we announced the commencement of a quarterly dividend payments. We have a high growth, high margin, and sticky revenue model with low customer acquisition cost and lower attrition. We have a full agri and food ecosystem from seed to sale, creating a virtuous circle for both us and our customers.

我們擁有強大的資產負債表，我們的運營現金流顯著為正。今天早些時候，我們宣布開始支付季度股息。我們擁有高增長、高利潤率和粘性收入模式，客戶獲取成本低且流失率低。我們擁有從種子到銷售的完整農業和食品生態系統，為我們和我們的客戶創造了良性循環。

Our food processing and commodity export business has a vast potential, and we are making a difference towards addressing the global food shortage and food security crises, and we are a benefactor of price inflation. Our Visa-Tingo partnership and TingoPay Super App are well positioned to expand Tingo significantly into new B2C and B2B markets.

我們的食品加工和大宗商品出口業務潛力巨大，我們正在為解決全球糧食短缺和糧食安全危機做出貢獻，我們是物價上漲的受益者。我們的 Visa-Tingo 合作夥伴關係和 TingoPay 超級應用程序處於有利位置，可以將 Tingo 顯著擴展到新的 B2C 和 B2B 市場。

We have proven proprietary fintech platform, which are replicable in new geographical markets and new sectors. We have a vast addressable global market. And we believe we have a significant ESG impact that can grow considerably further in the future.

我們擁有經過驗證的專有金融科技平台，可以在新的地域市場和新的行業中復制。我們擁有廣闊的全球市場。我們相信，我們對 ESG 的影響在未來會進一步顯著增長。

Thank you, everybody. Operator, my colleagues and I from Tingo are now ready to take questions from the participants.

謝謝大家。接線員、我和 Tingo 的同事現在準備好回答與會者的問題。

Our first question asked, congratulations on another strong quarter and the initiation of a dividend program, which I am delighted to see. You mentioned that you would expect a significant increase in the level of dividend payment in third quarter, which is also great to hear. Can you explain more on this?

我們提出的第一個問題是，祝賀又一個強勁的季度和股息計劃的啟動，我很高興看到這一點。您提到預計第三季度的股息支付水平將大幅增加，這也很令人高興。您能對此進行更多解釋嗎？

Yes, sure. As explained in our results, our CapEx and investment into inventory in Q2 was just under USD1 billion. And of course, added to which during the quarter we also paid out our annual tax on Tingo Mobile of have another circa $170 million. Having made all this investment in outlay last quarter, we can now expect the inventory we purchased to be converting back into cash and our export business to fund itself.

是的，當然。正如我們的結果所解釋的，我們第二季度的資本支出和庫存投資略低於 10 億美元。當然，除此之外，本季度我們還向 Tingo Mobile 繳納了約 1.7 億美元的年度稅。在上個季度進行了所有這些支出投資後，我們現在可以預期我們購買的庫存將轉換回現金，我們的出口業務將能夠為自己提供資金。

So in addition, the 6 million mobile phones we also bought will begin to generate significant revenues and earnings. So when you take all of that into account, and the growth that we expect to deliver in our export business, we expect to be able to significantly increase our dividend payments in Q3 and then again in Q4, and hopefully, with increases in each quarter thereafter.

所以此外，我們還購買的600萬部手機將開始產生可觀的收入和收益。因此，當您考慮到所有這些以及我們期望在出口業務中實現的增長時，我們預計能夠在第三季度大幅增加股息支付，然後在第四季度再次增加，並且希望每個季度都會增加股息支付此後。

It should be remembered that with the new significant number of handsets being deployed from as early as next month, that those phones will in turn generate very significant revenues on the additional contribution to group profits almost immediately. So in short, yes, we expect significant increase in dividend from Q3 onwards. And yes, it's the aim of the company to deliver quarter-on-quarter dividend increases.

應該記住的是，隨著最早從下個月開始部署大量新手機，這些手機將反過來為集團利潤帶來非常可觀的收入，幾乎立即產生額外貢獻。簡而言之，是的，我們預計從第三季度開始股息將大幅增加。是的，該公司的目標是實現季度股息增長。

Thank you, team. The next question asks, while the results are once again very impressive indeed, clearly the floating of the Naira and its devaluation has had a material impact on the results when converted into US dollars. What long-term impact, if any, do you foresee on the company as a result of the new exchange rate going forward?

謝謝你，團隊。下一個問題是，雖然結果再次令人印象深刻，但顯然奈拉的浮動及其貶值對換算成美元時的結果產生了重大影響。您預計新匯率未來會對公司產生什麼長期影響（如果有）？

Yes, it's a very good question. I think the first thing to point out is that the Nigerian government's new foreign exchange policy now means that the Naira of earnings that we have are now much more readily exchangeable into US dollars. And this means that from this moment forward, our company can now value its Naira cash balance as a liquid US dollar equivalent asset. And furthermore, any valuation discount that was previously applied against our Naira earnings can now be removed.

是的，這是一個非常好的問題。我認為首先要指出的是，尼日利亞政府的新外匯政策現在意味著我們擁有的奈拉收入現在更容易兌換成美元。這意味著從現在開始，我們公司現在可以將其奈拉現金餘額視為流動的美元等值資產。此外，之前對我們的奈拉收益施加的任何估值折扣現在都可以取消。

Whilst the current devaluation has some negative impacts on the existing Tingo Mobile revenues, the benefits of a freely exchangeable currency is something that we strongly believe outweighed the negatives. And as for those negatives, they may be short term in nature anyway, particularly given the new economic policies of Nigeria's government. There's much talk about the Naira recovering large parts of lost ground in valuation terms over the coming months ahead.

雖然當前的貨幣貶值對 Tingo Mobile 的現有收入產生了一些負面影響，但我們堅信可自由兌換貨幣的好處勝過負面影響。至於這些負面因素，無論如何它們可能都是短期的，特別是考慮到尼日利亞政府的新經濟政策。關於奈拉在未來幾個月的估值方面將收復大部分失地的討論很多。

Furthermore, if I turn to other parts of the business, there are some notable immediate benefits that the devaluation of the Naira brings. I mean, in particular, in connection with our export business, where the price of the produce we purchased from Nigeria is significantly reduced. And as such, our produce now has a key price and competitive advantage over produce from other parts of the world. And we're already now seeing the benefits of this. And I'm sure that in the future, as we go forward and as we report future quarters numbers, we very much believe that we will see noticeable increases in our margin of export produce.

此外，如果我轉向業務的其他部分，奈拉貶值會帶來一些顯著的直接好處。我的意思是，特別是與我們的出口業務有關，我們從尼日利亞購買的產品的價格大幅下降。因此，我們的產品現在比世界其他地區的產品具有關鍵的價格和競爭優勢。我們現在已經看到了這樣做的好處。我確信，在未來，隨著我們前進並報告未來季度的數據，我們非常相信我們的出口產品利潤將顯著增加。

Thank you, team. The next question asks, I believe it was a major development for Tingo's prospects and valuation when Nigeria's new president and its central bank removed certain foreign exchange restrictions on the Naira, especially bearing in mind that these longstanding restrictions had detrimentally affected the country's economy and investment appeal for so long. Can you comment further on what the lifting of the restrictions means for the company and us as shareholders?

謝謝你，團隊。下一個問題是，我認為尼日利亞新總統及其央行取消了對奈拉的某些外匯限制，這對廷戈的前景和估值來說是一個重大發展，特別是考慮到這些長期存在的限制對該國的經濟和投資產生了不利影響上訴了這麼久。您能否進一步評論一下解除限制對公司和我們作為股東意味著什麼？

Yeah. Look, I think I've covered much of that in the previous answer. But again, I think for the benefit of all of our shareholders, we should recognize that for the first time since we acquired Tingo Mobile and Tingo Foods, for the first time we are now able to readily apply to convert our Naira cash balances and earnings into US dollars.

是的。看，我想我在之前的回答中已經涵蓋了大部分內容。但我再次認為，為了我們所有股東的利益，我們應該認識到，自從我們收購 Tingo Mobile 和 Tingo Foods 以來，我們第一次能夠輕鬆申請轉換我們的奈拉現金餘額和收益換成美元。

Naturally, we need to achieve the right balance of reinvesting a portion of our earnings into further growth and acceleration of the business, just as you've seen us do in Q2. But we can now also commence to distribute a meaningful portion of our earnings to shareholders as dividends. And I think we've demonstrated that with the initiation of our dividend program today.

當然，我們需要實現適當的平衡，將部分收入再投資於業務的進一步增長和加速，就像您在第二季度看到的那樣。但我們現在也可以開始將收入的很大一部分作為股息分配給股東。我認為我們今天啟動的股息計劃已經證明了這一點。

Thank you, team. The next question asked. The press release statement talks about the purchase of 6 million new phones for AFAN's farmers. I'm interested to know if AFAN already has the demand for these phones, or will it take time to deploy them and start to generate the related earnings? Also, what level of earnings and profitability can we expect from the phones?

謝謝你，團隊。下一個問題問了。新聞稿聲明談到為 AFAN 的農民購買 600 萬部新手機。我很想知道 AFAN 是否已經有這些手機的需求，或者是否需要時間來部署它們並開始產生相關收入？此外，我們可以從手機中獲得什麼水平的收入和盈利能力？

Quite a lot to answer that. Does AFAN has demand for 6 million new phones? Yeah, absolutely. In fact, they have considerable pen up demand, which means that as soon as we can source more handsets, they can be distributed almost immediately. And it's not just we have demand through AFAN in Nigeria, but also through the Ashanti Investment Trust in Ghana. We also have considerable demand too.

回答這個問題有很多。 AFAN 有 600 萬部新手機的需求嗎？是的，絕對是。事實上，它們有相當大的筆裝需求，這意味著一旦我們能夠採購更多手機，它們幾乎可以立即分發。我們不僅通過尼日利亞的 AFAN 獲得需求，還通過加納的阿散蒂投資信託基金獲得需求。我們也有相當大的需求。

As to when they'll be deployed. Well, I mentioned it earlier, AFAN and Tingo will start the process as soon as the phones are delivered. And the great thing is that as soon as those phones are delivered to the customer, they start to generate revenue. Not just from the lease payments, but also through the value-added services that we offer on the USSD platform.

至於什麼時候部署。嗯，我之前提到過，AFAN 和 Tingo 將在手機交付後立即開始流程。最棒的是，一旦這些手機交付給客戶，它們就開始產生收入。不僅來自租賃付款，還通過我們在 USSD 平台上提供的增值服務。

Of course with the platform, we earn commissions or fees straight away on the transactions that customers make over the platform, and that includes anything from direct time top up through the commissions on arranging loans and insurance and even commissions on the agricultural sales and farming inputs.

當然，通過該平台，我們可以根據客戶在平台上進行的交易直接賺取佣金或費用，其中包括從直接時間充值到安排貸款和保險的佣金，甚至農業銷售和農業投入的佣金。 。

And to the revenues on those phones. Well, at the current exchange rate, the typical average revenue per user or ARPU per farmer is between $6 and $6.50 a month, of which typically $3 comes or circa $3 comes from the lease elements and the balance comes from the NWASSA platform.

以及這些手機的收入。按照目前的匯率，每個用戶或每個農民的 ARPU 的典型平均收入為每月 6 美元到 6.50 美元之間，其中通常 3 美元或大約 3 美元來自租賃元素，餘額來自 NWASSA 平台。

Now, to give you an idea of what the margin is on those sales, on the $3 of lease payments, we are looking at around a 30% margin. And on the $3.50 or thereabouts, so there was the contribution, we're looking at a 98% margin. And so, we're looking at revenues per handset of an excessive $6 and over $4 of what would be gross profit on each of those handsets per month.

現在，為了讓您了解這些銷售的利潤率是多少，就 3 美元的租賃付款而言，我們考慮的利潤率約為 30%。在 3.50 美元左右，所以有貢獻，我們正在考慮 98% 的利潤率。因此，我們考慮的是每部手機的收入超過 6 美元，並且每部手機每月的毛利潤超過 4 美元。

So not only are these handsets very profitable in their own right, they also connect us to more farmers. And as we look to achieve significant farmers in our platform again through AFAN and Ashanti and whoever, and we look to grow that number towards the $30 million by the year end, we'll now also gain access to considerably more produce. And that produce in turn will support our export business as well as Tingo Foods. I have to say we're really proud of this business model.

因此，這些手機不僅本身利潤豐厚，而且還將我們與更多農民聯繫起來。當我們希望通過 AFAN 和 Ashanti 等人再次在我們的平台上吸引大量農民時，我們希望到年底將這個數字增加到 3000 萬美元，我們現在還將獲得更多的農產品。這些產品反過來將支持我們的出口業務以及 Tingo Foods。我不得不說我們對這種商業模式感到非常自豪。

Thank you, team. The next question asks, through today's announcement of the purchase of a further 6 million phones, am I correct in thinking that will take your total number of phones to around 15 million and that you then have another 3 million or so farmers on the NWASSA platform that use their phones? And are there any further plans to increase the number of farmers on your platform beyond the 18 million?

謝謝你，團隊。下一個問題是，通過今天宣布購買另外 600 萬部手機，我的想法是否正確，這將使您的手機總數達到 1500 萬部左右，然後 NWASSA 平台上將有另外 300 萬左右的農民使用他們的手機？是否有進一步的計劃將平台上的農民數量增加到 1800 萬以上？

Yeah, the short answer I guess is yes and yes. And once the 6 million new mobile phone handsets are delivered to farmers, it will take our number of farmers to around 18 million or so. But I can tell you, and I think we said it today on one or two occasions, that our goal is to increase the number of farmers on our platform to 30 million or so by the end of this year. Now, the plans to do this are through our partnership with AFAN in Nigeria who've committed to add 20 million new farmers to the platform, and our partnership with the Ashanti Investment Trust in Ghana, who themselves are committed to add between 2 million and 4 million new farmers this year.

是的，我想簡短的回答是肯定的。一旦這600萬部新手機交付給農民，我們的農民數量將達到1800萬左右。但我可以告訴你，我想我們今天已經說過一兩次了，我們的目標是到今年年底將我們平台上的農民數量增加到3000萬左右。現在，我們計劃通過與尼日利亞的AFAN 合作來實現這一目標，該公司承諾為該平台增加2000 萬新農民，並與加納的Ashanti Investment Trust 合作，該公司本身也致力於增加200 萬至200 萬農民。今年新增農民400萬。

I think for those of you who aren't aware who AFAN are or who AFAN is, this is the All Farmers Association of Nigeria, which is the umbrella body that sits above all of these 56 agriculture and commodity cooperatives in Nigeria. Now, they have a remit from the Nigerian government to ultimately enroll all of the 60 million or so farmers in Nigeria and develop and modernize the country's agricultural sector. And so they're doing this by improving access to better farming inputs, providing education, delivering access to finance, and so on.

我想，對於那些不知道 AFAN 或 AFAN 是誰的人來說，這是尼日利亞全農協會，它是尼日利亞 56 個農業和商品合作社之上的保護傘機構。現在，尼日利亞政府授權他們最終讓尼日利亞約 6000 萬農民參與其中，並發展該國的農業部門並使其現代化。因此，他們通過改善獲得更好農業投入的機會、提供教育、提供融資渠道等來做到這一點。

And it's their partnership with us, which is most valuable, and which is really focused on making those initiatives a reality. And we're already making a real difference, which in turn we are seeing through results increasing in crop yields, food production levels, and of course reducing post-harvest losses. I mean, I believe such as the extent of our impact that we're not only helping Nigeria's farmers feed their own country, but it's through the initiatives that we have with AFAN, which help us put us in a position to export significant or larger quantities of produce through the rest of continental Africa and to other parts of the world.

他們與我們的合作夥伴關係是最有價值的，並且真正專注於使這些舉措成為現實。我們已經在做出真正的改變，反過來，我們也看到了作物產量、糧食生產水平的提高，當然還有收穫後損失的減少。我的意思是，我相信我們的影響程度，我們不僅幫助尼日利亞農民養活自己的國家，而且通過我們與 AFAN 的舉措，幫助我們能夠出口大量或更大的產品。大量農產品通過非洲大陸其他地區和世界其他地區。

Thank you, team. From today's results, I can see that the export business of Tingo has generated significant revenues in the first quarter of trading. Is this level of growth sustainable and do you have access to enough produce to satisfy demand?

謝謝你，團隊。從今天的業績來看，Tingo的出口業務在第一季度的交易中產生了可觀的收入。這種增長水平是否可持續？您是否可以獲得足夠的農產品來滿足需求？

Yes, that's a very good question. I think I said earlier the impacts of the liberation of the exchange rate controls will only make Nigeria's produce even more attractive in international markets. And with our partnerships with AFAN and Ashanti, we aim to fully capitalize on the opportunity we have in front of us.

是的，這是一個非常好的問題。我想我之前說過，解除匯率管制的影響只會使尼日利亞的產品在國際市場上更具吸引力。通過與 AFAN 和 Ashanti 的合作，我們的目標是充分利用擺在我們面前的機會。

Success in this area will deliver a significant increase in income to our farmers. And the benefit is, of course, in AFAN, that enables them to invest more into their land and their farming inputs, increasing their crop yields and production levels, and thereby creating more produce for us to buy from them. And this is illustrative really of the strength of our ecosystem and the virtuous circle or loop that it creates.

這一領域的成功將為我們的農民帶來收入的顯著增加。當然，AFAN 的好處是，他們能夠對土地和農業投入進行更多投資，提高作物產量和生產水平，從而創造更多產品供我們從他們那裡購買。這確實說明了我們生態系統的力量及其所創造的良性循環或循環。

The partnership we signed with AFAN and the Prime Commodity Exchange, or PCX, as you've seen as we refer to it, really enhances and strengthens our position and our ability to grow our export business. Not only does the partnership give us unrightful logistics and goods handling capabilities in Nigeria, but it also gives us improved access to huge quantities of produce and prime access to the PCX commodity trading platform, which is one of only a number of small commodity exchanges in Nigeria.

正如您所看到的，我們與 AFAN 和 Prime Commodity Exchange（PCX）簽署的合作夥伴關係確實增強和加強了我們的地位以及我們發展出口業務的能力。這一合作夥伴關係不僅讓我們在尼日利亞擁有了不正當的物流和貨物處理能力，而且還讓我們能夠更好地獲取大量農產品，並獲得進入PCX 商品交易平台的主要渠道，該平台是尼日利亞為數不多的小型商品交易所之一。尼日利亞。

With more than 12 million farmers currently in our platform, and with 6 million about to be added, rising to 13 million by year end, our access to substantial quantities of produce, again, puts us in a strong position to grow this area to grow our export business and capitalize on the ever-increasing global demand. I think the final point I'll make on this subject is that, at the beginning of June, we made a small announcement that we'd agreed to a loan facility arrangement with AFAN, which will be made available to their farmers and passed on to their farmers to enable them to cultivate new farming land and increase food production levels.

目前我們的平台上有超過 1200 萬農民，並且即將增加 600 萬，到年底將增加到 1300 萬，我們獲得大量農產品，再次使我們處於有利地位，可以推動該地區的發展我們的出口業務並利用不斷增長的全球需求。我認為關於這個主題我要說的最後一點是，在 6 月初，我們發布了一個小公告，表示我們同意與 AFAN 達成貸款便利安排，該安排將提供給他們的農民並傳遞給他們幫助農民耕種新農田並提高糧食生產水平。

I think for people to understand why we did that. As we're all too aware, it's very important for a farmer to know that he or she has reliable access to credit or funding. to enable them to purchase the inputs they needed for their farming. Now historically, the Nigerian government would pledge loans to the farming communities, but more often than not, these loans turned up rather late. Now, the impact of that was that the money came in too late for the farmer to be inside to plant their harvest. And now, of course, we have to bear in mind that crops are seasonal.

我認為人們應該理解我們為什麼這麼做。我們都非常清楚，對於農民來說，知道他或她能夠可靠地獲得信貸或資金非常重要。使他們能夠購買農業所需的投入品。從歷史上看，尼日利亞政府會向農業社區提供貸款，但這些貸款往往很晚才出現。現在，其影響是，錢來得太晚了，農民無法在裡面種植莊稼。當然，現在我們必須記住農作物是季節性的。

So the program that we've introduced today in partnership with AFAN overcomes that issue. It ensures the farmers receive the necessary funding and at the appropriate time. And so that all the inputs they purchase are the right ones to grow the right crops for that particular land and the specific conditions that are prevalent from that location.

因此，我們今天與 AFAN 合作推出的計劃解決了這個問題。它確保農民在適當的時間獲得必要的資金。因此，他們購買的所有投入都是正確的，可以為該特定土地和該地區普遍存在的特定條件種植正確的作物。

So with this first loan facility, which we intend to do much more of, we are now able to ensure that thousands of acres of new farming land are cultivated, and thousands of additional metric tons of crops are produced each season. So this not only has a huge positive impact in the lives of the farmers, obviously, but also it further increases the levels of produce that we can access and significantly strengthens our supply chain.

因此，通過第一筆貸款（我們打算做更多的事情），我們現在能夠確保耕種數千英畝的新農田，並且每個季節額外生產數千噸農作物。因此，這顯然不僅對農民的生活產生了巨大的積極影響，而且還進一步提高了我們可以獲得的農產品水平，並顯著加強了我們的供應鏈。

So look, when you put all of these things together, I think we're in a very strong position. And as you can see from the statement today, $340 million-plus of revenues in the export division in Q2, rising, we believe, to $1 billion or more of revenue per quarter before the end of this year.

所以，當你把所有這些事情放在一起時，我認為我們處於非常有利的地位。正如您從今天的聲明中看到的那樣，第二季度出口部門的收入超過 3.4 億美元，我們相信，到今年年底，每季度收入將增至 10 億美元或更多。

Thank you, team. Our next question asks, you reported export sales in your Q2 results of USD348 million, and that you expect that to increase to USD1 billion per quarter in Q3. Are you able to tell us what parts of the world you are now exporting to?

謝謝你，團隊。我們的下一個問題是，你們在第二季度業績中報告的出口銷售額為 3.48 億美元，並且預計第三季度每季度將增加到 10 億美元。您能告訴我們您現在出口到世界哪些地區嗎？

Yeah. The exports we transacted in Q2 were to other countries in Africa. And whilst we will continue to make exports within the African continent, we're also expanding into other parts of the world, including, primarily including in the Middle East, where demand significantly outstrips local supply.

是的。我們第二季度的出口交易是銷往非洲其他國家。雖然我們將繼續在非洲大陸進行出口，但我們也在向世界其他地區擴張，其中主要包括中東地區，那裡的需求大大超過了當地的供應。

I think I said earlier that the competitive cost of our produce now, given the devaluation of the Naira, is opening up a number of new markets tours in other parts of the world.

我想我之前說過，鑑於奈拉貶值，我們產品的成本具有競爭力，正在世界其他地區開闢許多新市場。

Thank you, team. The next question asks, can you explain in more detail the reason for the significant reduction in the company's cash balance at June 30th, compared to the previous two quarters? My own expectation was actually to see a further increase in cash.

謝謝你，團隊。下一個問題是，您能否更詳細地解釋一下截至6月30日公司現金餘額較前兩個季度大幅減少的原因？我自己的期望實際上是看到現金進一步增加。

Well, that's a question I'm sure most people are interested in. Look, we touched on the explanation already, but I agree. I think it's worth going into a bit more detail.

嗯，我相信這是大多數人感興趣的問題。看，我們已經談到了解釋，但我同意。我認為值得更詳細地討論一下。

As Kevin mentioned just a short while ago in his presentation, our investments in outlay into capital expenditure and inventory during Q2 was approaching $1 billion, of which $460 million was spent approximately on the new mobile phone handsets, and more than $500 million was spent on inventory payments to support both Tingo Foods and our export business. And let's not forget on top of that, we also paid out about $170 million of tax in April on the Tingo Mobile profits of 2022.

正如凱文不久前在他的演講中提到的，我們第二季度在資本支出和庫存方面的投資接近10億美元，其中大約4.6億美元用於新手機，超過5億美元用於新手機。庫存付款以支持Tingo Foods 和我們的出口業務。除此之外，我們不要忘記，4 月份我們還為 Tingo Mobile 2022 年的利潤繳納了約 1.7 億美元的稅款。

But as Kevin pointed out, whilst cash reserves fell to a little over $50 million at the quarter end, which by the way would've equated close to $90 million on the old exchange rate, our receivables and the export deals are loan amounted to almost $350 million on the balance sheet. Now all of that flows back into cash during the current quarter.

但正如凱文指出的那樣，雖然現金儲備在季度末下降至略高於5000 萬美元（按舊匯率計算相當於接近9000 萬美元），但我們的應收賬款和出口交易貸款金額幾乎達到9000萬美元。資產負債表上有 3.5 億美元。現在，所有這些都在本季度回流到現金中。

And of course, the outlay to the inventory suppliers for Tingo Foods, which we outlaid at the end of Q2, also has generated a positive cash flow inflow in the third quarter. And as I've said on a number of occasions today, the investment we made into the new mobile phone handsets, it started generating revenues and profits from September. And let's not forget the inflow from those mobile phones is something that we expect to see over the next three years on a monthly basis.

當然，我們在第二季度末向 Tingo Foods 的庫存供應商支付的費用也在第三季度產生了正的現金流入。正如我今天多次說過的，我們對新手機的投資從 9 月份開始產生收入和利潤。我們不要忘記，我們預計未來三年每月都會看到來自這些手機的資金流入。

Thank you, Team. The next question asks, I know this question has been asked before, but I'm still confused as to why the NWASSA app is on a USSD platform, and it's not a standard app as you would see in the App Store or Google Play?

謝謝你，團隊。下一個問題是，我知道這個問題之前已經被問過，但我仍然很困惑為什麼 NWASSA 應用程序位於 USSD 平台上，並且它不是您在 App Store 或 Google Play 中看到的標準應用程序？

Okay, let me try and square this circle once and for all. So look, first thing we need to understand that Nigeria's telecoms and internet infrastructure, it's just not as well developed as countries like the United States, or the United Kingdom, or developed Europe. And as such, 4G, 5G, even Wi-Fi, sometimes even 3G are only available in the largest cities, and certainly not in most of Nigeria's rural areas.

好吧，讓我嘗試一勞永逸地解決這個問題。因此，我們首先需要了解的是，尼日利亞的電信和互聯網基礎設施並不像美國、英國或發達歐洲等國家那麼發達。因此，4G、5G，甚至 Wi-Fi，有時甚至 3G 僅在最大的城市可用，當然在尼日利亞的大部分農村地區都無法使用。

In fact, where many of our farmers are located, they don't have access to data coverage. And as such, a web-based app that we would typically expect to see on our handsets in the US or the UK or Europe, for example, it just simply won't work in those areas. As such the USSD platform, which is similar to the old WAP services that some of you may well remember, was used commonly on mobile phones when the displays were in monochrome, which is primarily text-based. But this is the only type of platform that's accessible to many of Nigeria's farmers.

事實上，我們許多農民所在的地方都無法獲得數據覆蓋。因此，我們通常希望在美國、英國或歐洲的手機上看到基於網絡的應用程序，但它在這些地區根本無法工作。因此，USSD 平台與你們中有些人可能還記得的舊 WAP 服務類似，通常在手機上使用單色顯示屏（主要基於文本）。但這是許多尼日利亞農民可以使用的唯一平台類型。

It is not just Tingo that offers USSD platform in Nigeria. In fact, nearly every bank, insurance company, telco, public service provider, they all operate a USSD platform because of those very issues. All of that being said, I mean, Nigeria is developing at pace. A network and data coverage will continue to get better over time, which is the reason why we are now developing NWASSA web-based app, which once launched will be operated in parallel with our USSD version.

在尼日利亞提供 USSD 平台的不僅僅是 Tingo。事實上，幾乎每家銀行、保險公司、電信公司、公共服務提供商都因為這些問題而運營 USSD 平台。話雖如此，我的意思是，尼日利亞正在快速發展。隨著時間的推移，網絡和數據覆蓋範圍將不斷改善，這就是我們現在開發 NWASSA 基於網絡的應用程序的原因，該應用程序一旦推出將與我們的 USSD 版本並行運行。

Look, I think it's when we launch the full version of the TingoPays app, which is web based, that you'll see a platform that resembles what you are used to seeing in the United States and Europe. But remember the difference here, is that's aimed at the middle classes in Nigeria's cities and towns, such as Lagos and Abuja. And it isn't aimed at the farming communities, in the rural parts of the country.

看，我認為當我們推出基於網絡的 TingoPays 應用程序的完整版本時，您將看到一個類似於您在美國和歐洲看到的平台。但請記住這裡的區別在於，它針對的是尼日利亞城鎮的中產階級，例如拉各斯和阿布賈。它並不是針對該國農村地區的農業社區。

Thank you, team. Our next question asks, is it clear that the new food processing plant being built for Tingo Foods will have a material contribution to group revenues and profitability. However, given the plant is not scheduled to come online for around another 12 months, can you comment on the plans for Tingo Foods in the meantime?

謝謝你，團隊。我們的下一個問題是，為 Tingo Foods 建造的新食品加工廠是否會對集團收入和盈利能力做出重大貢獻？然而，鑑於該工廠預計還要 12 個月左右才能投產，您能否評論一下 Tingo Foods 在此期間的計劃？

Yeah look, it is true that we expect -- that whether we have considerable expectations around the new food processing plant. Its's going to give us a state-of-the-art facility that can process a whole wide range of food types and produce a multitude of food and beverage products. And it's something we've said publicly. We expect it to contribute a multi-billion dollars of revenue on an annual basis each year.

是的，我們確實對新食品加工廠抱有很大的期望。它將為我們提供最先進的設施，可以加工各種食品類型並生產多種食品和飲料產品。這是我們公開說過的。我們預計它每年將貢獻數十億美元的收入。

But notwithstanding the fact we're waiting for this plant to come online, I'm delighted to tell you that Tingo Foods continues to expand. In fact, during the second quarter, we added two major product groups to our range; one was based on around wheat, and the other was based around the maze. And at the time, and whilst I'm speaking today, it's fair to say that those quantities are fairly small.

但儘管我們正在等待這家工廠上線，我很高興地告訴您，Tingo Foods 仍在繼續擴張。事實上，在第二季度，我們在產品系列中添加了兩個主要產品組：一個是圍繞小麥，另一個是圍繞迷宮。當時，當我今天發言時，可以公平地說，這些數量相當小。

But what this has enabled us to do is to plan around forthcoming harvest, to enable us to build our supply chain and then thereby get far greater quantities of crops from the farmers to process into food producers, and so that where we know there is considerable demand for.

但這使我們能夠做的是圍繞即將到來的收穫進行計劃，使我們能夠建立我們的供應鏈，從而從農民那裡獲得更多數量的農作物，加工成糧食生產者，因此我們知道有相當多的農作物需求。

But that progress wasn't just on the supply side. During the quarter we also onboarded a major new wholesale customer. When given how late it was in the quarter that we won the customer and the time I gave them to book their orders, the amounts we delivered, again, were relatively small. But given the size of this particular customer in the market in which it operates, we're very confident that this customer will become a very large account for Tingo Foods by the end of this year.

但這種進步不僅僅體現在供應方面。在本季度，我們還迎來了一位主要的新批發客戶。考慮到我們贏得客戶的季度時間有多晚，以及我給他們預訂訂單的時間，我們交付的數量再次相對較小。但考慮到該特定客戶在其運營的市場中的規模，我們非常有信心該客戶將在今年年底成為 Tingo Foods 的一個非常大的客戶。

But what's really pleasing, I think, about these developments in particular, is that we managed to achieve them in spite of a period of what I called earlier in the presentation, an economic stagnation, where the people of Nigeria had reduced their discretionary spend and wholesalers to restaurants and hotels and other customers had reduced their inventory levels whilst we were monitoring what was going on within the political situation in Nigeria.

但我認為，特別是關於這些發展，真正令人高興的是，儘管經歷了我在演講前面所說的經濟停滯時期，但我們還是成功實現了這些發展，尼日利亞人民減少了可自由支配的支出，在我們監測尼日利亞政治局勢的同時，餐館、酒店和其他客戶的批發商降低了庫存水平。

You've heard me reference before about the presidential election that took place in February of this year. Following this, there was some speculation that the election results were going to be challenged by opposition leaders, and that is what created this period of instability and stagnation.

你們之前聽過我提到過今年二月舉行的總統選舉。此後，有人猜測選舉結果將受到反對派領導人的挑戰，這就是造成這段時期不穩定和停滯的原因。

But with the new president was inaugurated at the end of May and with him now in place, we're witnessing a recovery in consumer confidence and business confidence, which to be fair, has been underpinned and held by the new government's focus on creating jobs and modernizing and stabilizing the economy. And the benefit of course of that we mentioned earlier was this liberalizing supporting of its currency. But all of these points really indicate that the economic recovery in Nigeria is upon us, which of course bodes well for the rest of our business.

但隨著新總統於五月底就職以及他現在就任，我們正在見證消費者信心和商業信心的複蘇，公平地說，這是新政府對創造就業機會的關注所支撐和保持的。實現經濟現代化和穩定。當然，我們之前提到的好處是對其貨幣的自由化支持。但所有這些都確實表明尼日利亞的經濟復甦即將到來，這當然對我們的其他業務來說是個好兆頭。

And we're also making progress with further developments in the current quarter, including in terms of continuing to expand our product range. In particular into areas where produce that requires more heavily processed products such as sources. And we expect these developments also to generate a significant contribution in Q4 and beyond.

我們在本季度的進一步發展中也取得了進展，包括繼續擴大我們的產品範圍。特別是生產需要更深度加工的產品（例如來源）的領域。我們預計這些發展也將在第四季度及以後產生重大貢獻。

Thank you, team. And our final question asks, today's news about the commencement of a quarterly dividend is very welcome indeed. I am sure it will go a long way to redress the clearly undervalued share price. However, does the board not consider that those funds will be better spent on a share buyback?

謝謝你，團隊。我們的最後一個問題是，今天關於開始發放季度股息的消息確實非常受歡迎。我相信這對於糾正明顯被低估的股價將大有幫助。然而，董事會難道不認為這些資金用在股票回購上會更好嗎？

Yeah, whilst you understand the sentiment I think behind the question, I think it's really important to put into perspective the considerations we have as a Board and ensuring that we do our best to deliver and then protect shareholder value. Because I mentioned earlier, the company spent almost $1 billion on investments into CapEx and inventory during the quarter. Of course, not to mention the $170 million that we paid the tax then.

是的，雖然您理解我在這個問題背後的感受，但我認為，正確地看待我們作為董事會的考慮因素並確保我們盡最大努力實現並保護股東價值非常重要。正如我之前提到的，該公司在本季度的資本支出和庫存投資上花費了近 10 億美元。當然，更不用說我們當時繳稅的1.7億美元了。

And that investment was made, but the primary purpose of growing the three key divisions of the group. Tingo Mobile that we spent $460 million in new handsets on, but we've said we expect to start receiving significant revenues from at the end of Q3. Tingo DMCC, where we completed our first export transactions of almost $350 million during the quarter. And Tingo Foods where we've secured huge quantities OF produce that we're going to see the benefits from, again, in Q3.

這項投資的主要目的是發展集團的三個關鍵部門。我們在新手機上花費了 4.6 億美元的 Tingo Mobile，但我們已經表示，我們預計將在第三季度末開始獲得可觀的收入。 Tingo DMCC，我們在本季度完成了第一筆出口交易，價值近 3.5 億美元。我們已經獲得了 Tingo Foods 的大量農產品，我們將在第三季度再次看到它們帶來的好處。

You've heard me say earlier that we expect to start paying much higher dividends from Q3 onwards, without the [$1 billion] of expenditure we had and we're just spending in Q2, the dividend almost certainly would've been somewhat higher this quarter.

You've heard me say earlier that we expect to start paying much higher dividends from Q3 onwards, without the [$1 billion] of expenditure we had and we're just spending in Q2, the dividend almost certainly would've been somewhat higher this四分之一.

Look, our priority -- our first priority as a board is maximizing shareholder return. And all shareholders we believe will reap the benefits of that $1 billion we've just spent, or just invested. And as a result of that we expect our cash balances to be significantly higher at the end of Q3 than they were in Q2. And that's what gives this Board the confidence that we will be in a position to increase our dividends from Q3 onwards.

看，我們的首要任務——作為董事會的首要任務是最大化股東回報。我們相信所有股東都會從我們剛剛花費或剛剛投資的 10 億美元中獲益。因此，我們預計第三季度末的現金餘額將顯著高於第二季度。這讓董事會充滿信心，相信我們將有能力從第三季度開始增加股息。

Now look, all of that said, it's not lost on management or the board that our share price at these levels. It's significantly below where we think it should be. Bear in mind that we've generated around $1.8 billion of revenue and $600 million of EBITDA during the first half of this year.

現在看，綜上所述，管理層或董事會並沒有忽視我們的股價處於這樣的水平。它明顯低於我們認為應該的水平。請記住，今年上半年我們創造了約 18 億美元的收入和 6 億美元的 EBITDA。

This dividend payment today, as I've said on several occasions, is the start of an ongoing regular course of the dividend program. We believe it's the message that will help us expand and grow the number of institutional shareholders on our shareholder list. Regular quarterly dividends that have a high dividend cover and offer very attractive yields, we believe are the ingredients that help us attract a new investor audience, including those institutional income funds and pension funds alike. And as such, we hope that gets reflected into the share price.

正如我多次說過的，今天的股息支付是股息計劃持續定期進程的開始。我們相信這一信息將幫助我們擴大和增加股東名單上的機構股東數量。我們相信，定期的季度股息具有高股息覆蓋率並提供非常有吸引力的收益率，這是幫助我們吸引新投資者受眾的要素，包括機構收益基金和養老基金等。因此，我們希望這一點能夠反映在股價中。

However, should our share price continue to languish below a fair value, as we approach the end of Q3, the Board if it so chooses, may well consider a meaningful share buyback. Alongside a significant increase in dividend payments because what is clear is that we will, we believe, will have sufficient cash reserve to accommodate both.

然而，隨著第三季度末的臨近，如果我們的股價繼續低於公允價值，董事會如果願意的話，很可能會考慮進行有意義的股票回購。除了大幅增加股息支付外，我們相信我們將有足夠的現金儲備來滿足這兩者。

Thank you, team. That concludes our question-and-answer session. I would now like to turn the call back over to Mr. Mercer for his closing remarks.

謝謝你，團隊。我們的問答環節到此結束。現在我想將電話轉回給默瑟先生，讓他作結束語。

Thank you, operator. I would like to thank each of you for joining our earnings conference call today, and I look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any questions, please reach out to our to our IR firm, MZ Group, who will be more than happy to assist. Thank you and goodbye.

謝謝你，接線員。我要感謝你們今天參加我們的收益電話會議，我期待著繼續向你們通報我們持續取得的進展和增長的最新情況。如果我們無法回答任何問題，請聯繫我們的投資者關係公司 MZ Group，他們將非常樂意為您提供幫助。謝謝，再見。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines and log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。此時您可以斷開線路並退出網絡廣播，享受剩下的一天。