Q4 2022 Tingo Group Inc Earnings Call
Greetings and welcome to Genco group full year 2022 financial results Conference call.
All participants are in listen only mode.
A question and answer session will follow the formal presentation.
As a reminder, this conference is being recorded.
Before we begin the formal presentation I would like to remind everyone that statements made on this 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're 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.
You should also review our most recent Form 10-K filed today and our Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading risk factors.
A press release detailing these results crossed the wires. This morning at seven a M. Eastern time and is available on the Investor Relations section of our company's website.
Ting group Dotcom.
Your host today, Darrin Mercer Jingle group, Chief Executive Officer does even bossy jingle, Marvel and jingle foods founder and CEO .
Kevin Chen.
Chief Financial Officer will present, the results of operations for the year ended December 31 2022.
At this time I will turn the call over to Tingle Group, Chief Executive Officer Darrin Mercer.
Thank you operator, and good morning, everybody.
I am pleased to welcome you to today's full year 2022 financial results Conference call.
I could not be more excited about the future, but you can go group.
For those of you joining us for the first time with who have not previously had the opportunity to meet I would like to take a moment to introduce single group a remarkable story this fall.
I think our group because the divestment in fact and I agree with that group of companies with operations in Africa, Southeast Asia, and the Middle East.
The company significantly expanded almost somewhat transformed and we acquired 100% of single mobile limited on November the 30th of 2022.
And then subsequently acquiring single Foods plc on February nine 2023.
And subsequently changing our names Shingo Group, Inc.
I think our group is now comprised of the following businesses.
Think of mobile, which is a leading finfet and Finfet business operating in Africa that operates through a device as a service and a small one platform muscle.
It didn't go foods with shelf tags crops from the wider groups large pharma customer base and processes those crops into finished food and beverage products.
Pingo D M C C Wei.
Which operates a commodity trading platform on commodity export business from Dubai.
And which in turn deals in both wall crops and finished products.
Single pay which operates the Chin go pay Super up and has a Pan African partnership with visa.
The full version of Pingo pay which will be rolled out later this year provides payment services.
E wallets under range of value added services to customers.
Single pay in partnership with Visa also offers a range of merchant services businesses.
And finally, the company has been sacked verticals, which operate platforms that offer a range of insurance and financial service products and are currently focused on the southeast Asia market.
The Tinder group annual financial results reported in today's 10-K filing and wish all presented here today include the revenues and earnings a single mobile promised dates of acquisition on November 30th 2022.
In other words the income statements included within the 10-K is comprised of the full year results of the company together with one month's results of Ting mobile.
In addition.
Today's earnings presentation.
Press release also include summarized pro forma financial information for the year ended December 31st 2022.
The year ended December 31st 2021, which is presented as if the acquisition of Jingo mobile had been completed on January the first of 2021.
This is with the aim of assisting you in understanding.
The financial performance of the business, we have acquired together with our historical business.
The 10-K together with our earnings presentation unprecedented release also include the consolidated group balance sheet as of December 31st 2022.
At the close of the Ting mobile acquisition on November 30 of 2022.
We immediately became highly profitable and have continued to grow strongly since August .
As evidenced by the recent announcements of a number of major trade deals and partnerships.
Which not only are expected to result in a more than tripling of current customer numbers on which we will speak about later today, but also the commencement of all global expansion.
The 2022 pro forma financial performance for the group I showed on this slide unfinished Qingdao group expects.
To file an updated 8-K during April of 'twenty, two 'twenty three.
I realize the strong financial performance that we have been messaging since our merger agreement was announced.
We are now a company that on a pro forma basis generated for the year ended December 31st 2022.
Nearly 1.2 billion U S dollars in revenue.
675 million U S dollars and gross profit.
And nearly 555 million U S dollars in income before tax.
Furthermore, our cash balance as of December 31st in 2022, which is reflected on our balance sheet audited by Deloitte LLP one of the preeminent audit firms in the world stood just over 500 million U S dollars.
Driving these contributions were 11 4 million and Wassa I agree fintech platform customers Baidu.
By December of 2020 to generating more than 1 billion U S dollars a month of transactions all the.
Our overarching mission Stingo group is to foster digital financial inclusion through all the fintech platforms to drive social and economic uplift once.
In Iraq, we Fintech businesses, we also strive to make a significant difference in improving global food supply and secondly, the world's food security crisis by delivering pharma empowerment.
Improve crop yields.
Reduced post harvest spoilage, a better access to both foreign and domestic markets.
At a regional level, we aim to support Africa, and it's for them is to achieve sustainable food self sufficiency, bringing an end to Africa's food insecurity and policy.
2022 has been a year of huge transformation as we have pivoted the direction of the company in response to the changing market conditions.
Major major acquisition, namely a single mobile.
By way of a recap we entered into a definitive merger agreement to acquire it shouldn't go mobile on May the 10th of 2022.
Following this.
We immediately appointed an elite team of World class advisers to undertake extensive due diligence and financial analysis.
The team, including Big four accounts and since Tim Young.
The world's leading law firm denizens.
Under the number one M&A investment bank Houlihan, Lokey, and our long standing New York legal Counsel Alamo Grossman They show.
We announced on June 15th of 2022.
<unk> exercise had been completed on that.
The findings were positive with no material concerns.
The original merger agreement was amended and restated.
Over a 2022 to facilitate the expedited fees acquisition of 100% of Tinder mobile.
As well as an improvement in terms of the company's shareholders.
The acquisition was subsequently completed on November 30th 2022.
With the benefits of the company's unseen go mobile's collaboration.
Fourth quarter of 2022, so at the beginning of the geographical expansion of Zynga mobile with the opening of new offices in Ghana, Malawi and Dubai.
<unk>, which we will detail later in our presentation.
The fourth quarter also saw US launched the Tim go D. M. C C commodities trading platform and export business on the 10 go pay Super App in partnership with visa.
By January 2023, we have begun to pivot the company's insurance and Fintech vertical. So that's a compliment that shouldn't go businesses with the aim of leveraging its already established brands and large customer base.
That on February the seventh of 2023, we acquired the Tingle foods food and beverage processing business. So as to complete the 10 go seed to sale ecosystem.
Lastly, I mean, most recently, we changed our corporate name and ticker symbol to better reflect the importance of the tingle brown to the business and provide improved clarity to our external stakeholders, including current and perspective partners customers and investors.
We also launched an <unk> Investor Relations website at single group Dot Com.
I would now like to turn the call over to dose Memusi Zynga mobile and single foods founder and CEO to further discuss thing goes operations Josie.
Thank you Darren.
And to everyone joining us today I'm delighted to have this opportunity to walk you through the single them about business by far.
And out of up to them to you have to go and to present, our ambitious yet carefully consider.
With the strategy.
We'll begin with a single mobile business once the service model and then Whatsapp Fintech platform, which we believe is the leading adjuvant deck lots of them in Africa.
The signing of <unk>.
I'll do that definitely give merger agreement with M. I C. D. In October 2022 we set up with stuff about accelerating our growth strategy in November and December we science trade agreements with two major partners with.
With the aim of quickly expand and thinking about the customer base from $9 3 million. So unexpected 30 million by the end of 2023.
We signed a partnership with the all find myself as they show up in Nigeria, which include that.
It meant to enroll a minimum of 20 million new customer new customer base to single mobile.
We also launched in Ghana, and find a trade agreement with the Kingdom of Ashanti, which include a recommitment to enroll a minimum of 2 million new customized single mobile and they target to enroll more than 4 million new customers.
Soon afterwards, we launched into Malawi and began to progress several to it but now it seems that with the and with the aim of establishing a base for rollout in the future across East Africa, including into Tanzania, Mozambique and Zambia.
Looking ahead for that.
We plan to expand in the future to all the parts of Africa, as well as into China, and the way that Asia.
And then to all the relevant markets in the world.
Through all of the businesses within single family, namely single codes and single D. M. D. C. We aim to increase uptake and demand for proteins from single move outs pharma, thereby creating a virtuous self reinforcing cycle.
In December when we get to launch Twingo D. M D C.
Just some agricultural commodity blossom and export business in partnership will be by a multi commodity center the M. C C.
The platform and asphalt business with passengers did the global exports of agricultural commodities, something I'm, a biopharma I'm finished food and beverage put up some single groups.
D. M. D. C is a leading sends out of international trade the world's number one free trade zone, and therefore and obvious choice for us right now.
Who are access to major 60 million from us, including I've done 20 million loss from us and if I was in Ghana, Malawi and all that.
Territories will have access to several billion dollars of agricultural produce for exports not.
Not only those bingo D M Z constitutes a substantial and highly profitable business in its own right.
Hugely axillary the dollarization liberalization of the whole group, while also giving us the kingdom about farmers on single food better access to international markets.
Through a single D. M. D. C. We are creating a win win vision, improving the world food supply delivering fair prices.
Environmental pharma and generating substantial high margin revenues to single game.
The way that single group.
Single Foods is brought into the group on February seven 2023.
This is a business that our team and I have been developing for some time outside of a single mobile we launched the business as a Standalone company in September 20th 22, focusing on supplying small product range to several supermarket groups on wholesale businesses within the first 12 months of trading single foods generally.
More than $400 million I'll start over at healthy margins.
Having completed the sale of a single mobile on November 30, when you're going to what's on the Samsung to bring in single food into the group.
Bearing in mind, its strategic importance within the single ecosystem.
Single foods creates significant.
The main dam offtake for single move out from us while at the same time, creating supply for single DMT is commodity driven on export business Single-foot. This that's the most supply about two months black capacity on revenue with the new set of add 1.6 billion dollar food processing facility and Delta They don't major channels.
Oakland.
Early in the second half of 'twenty when the pool.
Is that the partner with EBITDA and a G. P. L. C to build a 150 million <unk> hundred 10 megawatt solar plant to bother facility.
This is aimed at achieving a net zero carbon emission and would use the energy cost for the group.
We believe Africa's farmers and agricultural sector will benefit from the significant expansion of the continents on processing capabilities.
Cruising Trump demand given farmer higher prices on delivering financial uplift meant.
Single Foods is also expected to be a major contributor that's Y E S Eagle.
For example through the delivery of most of our reduction in pharma as supposed to harvest losses significant improvement in the worlds food security.
Considerable environmental benefits, we've used them fruit.
Improving production efficiency, we'd use them food wastage.
All of this simply by renewable energy and reducing carbon footprint.
Single payer easy Spa.
As a full range of value added services in partnership with visa.
Such services, including include digital visa card E wallet payment services marketplace E Commerce insurance and finance.
The food market B to C N needs would be offering it.
Single baseball and visa partnership is helping us to diversify and expand single group into new sectors with the aim of making single B and single household names as widely recognized us besides itself.
To assist us in achieving market penetration on I forgot partnership with visa includes the provision of market and customer acquisitions of bolt.
That's amazing all business sectors stand to benefit from a new range of single visa much on services and the single pay business portal.
Whereas a small hold off from us.
Whereas a small hold off I'm, a customized will see significant additional advantages through the integration of single day without Wassa I believe marketplace platform.
The single pay business portal and things will be that much on services enables subscribing families and businesses.
And all sets off so easily and securely accept payments and use I use it to make online transactions in their domestic or foreign currencies as well as to manage their pets setup rebate payment on access transaction statements.
Together single mobile on singles day in partnership with visa.
Lines to deliver financial inclusion and social uplift meant throughout Africa, We also plan to expand into Asia and other emerging markets.
Oh single mobile and Wausau single B single single DMT.
Without further Ado food as a fintech ecosystem.
We communicate with them push services from us through the smartphone handsets, we supplied to them.
The farmers can use their embedded in wassa and single B options, which is India's for their farming business to purchased services and make payments and to sell their produce single food this valuable customer and sort of offtake for the farmers.
For which it processes such crops into finished food and beverage products.
Single Dms has it gone so they finished food and beverages.
As well as raw crops from the farmers.
Wholesalers distributors on all of our customers around the world.
These single group creates a reinforcing loop financial and digital inclusion.
Along with an increase in food supply and the reduction in post harvest what states.
Which improves food security and ultimately all of these factors deliver financial and social uplift, but.
We are highly committed to environmental social and governance factors with foster digital on financial inclusion through our technology platforms driving into social uneconomical.
Customers.
And meaningfully improve the global food supply and tackle the world's food security crises by Empire in pharma.
And them increased crop yields reduce post harvest losses improve access to markets.
Fair enough prizes.
Oh technology am law firms also deliver significant environmental benefits using.
It isn't club with stage.
Reuben farming and food production efficiency.
Promoting sustainable farming techniques and reviews and for freight miles.
As part of our commitment towards them.
The environment and so if you look this meant we are focused on adopting it much all ESG framework on underpinned I'm guided by the United Nations Sustainable development goals.
I will now turn the call over to single group.
Well, Kevin Chen to discuss Oh, yeah, playing through into financial results as reported in this morning's 10-K filing.
Thank you.
Hum.
Okay.
Initial readout of the year.
Okay.
On the two together.
All my Imation for the year.
Hum too.
Yeah.
Hum.
We have increased part D.
Ingo mobile heartbeat on.
On January 1st.
Sure.
Emil.
And notwithstanding the initial performance of the business we have acquired.
Gotcha.
Yes.
Oh, we bomb.
For the year.
December .
Me too.
People know who that is.
Hum.
Really across the board.
The acquisition 100, all Eagle mobile competing on November 30.
I need to read out.
Elevation Eagle mobile.
I'll introduce Ingo group from December 1st.
Sure.
Nothing brand new single group.
Oh 2022, well one right.
Yeah.
Five.
Five 1 million.
And the problem.
The increase was eight 2%.
What I can see where the consolidation of one of the Rockies Eagle move out.
The operating loss of Eagle Ford.
Two well be lapping an $8 million.
Alright, Thanks, a lot.
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The operating loss at Ingalls.
Two what are your thoughts the coffee work on all muted.
Recurring transaction.
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Well Adam.
Oh, My colleague, Bob New Eagle Ford well.
What do you need me to 11115 P M.
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We draw or eating out nonrecurring mobile.
In each one of 131.
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Five years.
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Hey, Glenn.
Oh 51, 3% I'm sorry.
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Two were 500.
32, one trillion.
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One 5 million before tax.
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<unk> cash balance.
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Due to among the 501.
Compared to 96 eight years ended December 31st.
A detailed model.
All my Rockies Eagle.
Hugo.
For the year ended.
And one of them.
Two is provided well keep after.
Patient.
E tail off the younger ashamed.
Shame on me two.
A summary of the pro forma.
I think over the years.
Mm 120.
Two is provided on page 15.
The patient.
A summary of our balance sheet.
Provided on page 16 of the presentation.
Hum.
The European Farmer, you, one and I need to meet you provided on page 17.
Yeah.
I'll now hand, the call back to Dan.
Thank you Kevin.
My Board and I believe seem to go group is uniquely positioned both as a company and as an investment proposition.
We are a fast growth and highly profitable NASDAQ listed company.
Our 2022 pro forma EBITDA totaled 954.5 million U S dollars compared to 275 6 million U S dollars in the previous year.
We have a strong balance sheet and our cash flow positive.
Our cash balance at December 31, 2022 amounted to 503 million U S dollars.
Our financial statements were released by Big four accounts and Deloitte L. P. One of the most reputable audit firms in the world.
In addition to which our controls and procedures were audited by grant Thornton LLP, who are also one of the worlds preeminent audit firms.
We have a fast growth.
Arjun and sticky revenue model with low customer acquisition cost and low attrition.
We have a full I agree and food ecosystem from seed to sale, creating a virtuous circle for both us and our customers.
We are making a difference towards addressing the global food shortage on food security crisis, and we are a benefactor of price inflation.
Our visa.
I didn't go partnership and single pay Super Op expense can go significantly into new B to C and b to B markets.
We have proven proprietary fintech platforms, which all replicable in new geographical markets a new access.
We have a vast addressable global market.
We believe we have a significant ESG impacts that can grow considerably further in the future.
Thank you operator.
My colleagues and I from single are now ready to take questions from the participants.
Our first question is if you read certain websites in Bolton boards. There are several naysayers, who say that Africa, particularly Nigeria is ripe with broad what comfort can you give shareholders that tango was real.
I'll say that Desi, if I might.
Please.
Well I think the short answer to that is considerable but to give you a bit more granularity and detail around that I think is really first the important for us to understand the level of the level of due diligence.
That we undertook as part of the acquisition process I've mentioned it many times in many different.
Announcements that we have made but just for just to recap for those who haven't heard it when.
When we bought Ting mobile we appointed a world class team of advisors.
We had some younger world, leading a big four accounts and doing all of the financial due diligence the tax due diligence on the quality of earnings analysis.
We had argued to the world's largest legal firm density is doing detailed legal due diligence.
And we had arguably the world's number one M&A investment bank Houlihan Lokey doing additional detailed financial analysis.
I've said on many previous occasions, there were no material adverse findings by any of these policies.
And I think he is also you know we need to take into consideration and look about the partnerships that zynga themselves.
Hot formed on the diligence undertaken by that policy that various partners now stopped with visa group one of the world's largest payment systems. They went through a very detailed due diligence exercise before they entered into that Pan African partnership with Ting mobile.
And my Board are ahead of the announcement, we made in May the 10th was given a presentation by our by our globally prestigious investment bank.
Helps him to take on their own detailed due diligence over a period of a number of months before they themselves are bought at Zynga mobile as our clients.
This extensive due diligence that we did undertake it causes many many millions of dollars as we've seen in previous filings.
In our opinion with money pretty well spuds and it gave my board on myself the confidence on the comfort we needed to complete the transaction.
And it also allowed us to better understand the business that we were acquiring.
And I'm, hoping that that level of diligence comprehensive level of diligence, we undertook will give.
Other outside investors from institution completes the retail the satisfaction.
The board themselves, we're very pleased with the findings and one more thing as an aside just to watch the Gentleman's question.
Is you know as aside to the due diligence that I've just outlined you know today, we all sat here before you announcing our year end results with our new Auditor Deloitte you know the number one accountancy practice in the world I haven't taken a thorough audit of all of the operations and companies within the group, including single mobile.
And to add to that Graham homes, and the fifth biggest accounts since he practiced in the world I've just completed the Sarbanes Oxley review and audit all of internal controls and procedures.
So when you put all of that together and consider all of the steps we've taken I'm not sure what else, we could've done to provide comfort to the shareholders.
So is there anything you'd like to add to that.
Yes things are.
Just to add to what I'm, the gentlemen asked I understand the fears, but one thing we need to really state clearly here is that.
Look what way business, what they saw in two years, we are still that we still get that to the needs of small holder farmers in their millions.
Even look at what we've done with the biggest would it be yes agricultural group in Nigeria.
Yeah, I mean, a fun about the off almost jumped 90 right now.
If we do not really mean, you know to be therefore, these pharma as more of them wouldn't be wanting to work with us. So we have demonstrated that.
You know we come at the business continues to thrive.
Same time make money for our shareholders I know that stick with us So I think beyond the beyond the due diligence on the audit.
People people need to understand that yes that challenges in Nigeria, but it.
It doesn't mean that every every business that comes out of 90 day rates for the lens.
I think at this point in this.
Life of us we need to start getting in that plan.
There's fraud everywhere in the world, but we've built a world class business you know supported by a world class investment Bank, you know all the doors and all sorts of institutions. So for US. We are excited to continue to you know work the way we were walking and to continue to protect.
You know.
Good security in the World and show that the self.
So for land and are able to continue to you know leave US humans, you know the way they deserve to be treated you know.
Yeah. Thanks Daisy.
Yeah, I think you know I think in summary.
So this question there are a lot of companies out there listed in a lot of Mark catesby them in the United States or elsewhere in the world that wouldn't have.
Taken the level of diligence that we have.
Part of this process and certainly wouldn't be represented.
By the quality all professional advisers that we have.
Thank you team. Our next question is when I visit the in Washington market Dotcom or opened in Wassa App I see very few signs of activity. There are only a small number of products hardly any reviews in the App test you've downloads. Please explain the position within wassa bearing in mind your proxy.
It is doing $1 billion U S dollars per month gross transaction value.
Okay. Thank you I don't see what you like to take that one.
Oh, Yes, North America placements lunched in 2020 as the U S as the platform.
For those who do not understand what the U S. As these dumpsville, it's unstructured supplementary service data.
Would you say global system for mobile communications political useful text messages to execute certain transactions.
The idea behind them more size up cost to get them single customer surveys that queue that transactions across the platform you know not only in relation to CLO that produce.
Oh, the put yourself I mean infuse all the utilities like you know of course being deals, but just didn't mobile phone insurance and.
Microcredits.
Separate from the U S. S. E platform, we are in the process of developing at transaction on the website and.
So Bob and this is currently.
I thought the test stage, that's why you see that on the on the place though and.
We are welcoming developers from across the world to test with us using that access on the place though.
So we definitely hope to complete the new platforms and we hope to launch sometime late sometime this year.
Thank you team. Our next question is you had mentioned in previous announcements that the board will put in place a plan to address the disconnect between the share price and the underlying performance of the company what is the latest position on this.
Those I'll take this thank you.
Let me start I think it's important.
To highlight the on the bunker the Deloitte audit that we're reporting here today that I firmly believe the perception of our company in the world.
It Hasnt changed already.
We will change.
And with regards to the point of the question I think my.
A number of occasions, we have.
Spoken about.
A number of strategies to enable us to address the disconnect I can tell.
Are you here today that the board or.
I'm, making plans around a number of initiatives now those initiatives that are under consideration include the like.
A special one off dividend. They include the introduction of a dividend strategy.
I don't tend to listing dual listing on a on an alternative stock exchange.
Others as well are also under consideration.
I think it's important to remember that as a company are that.
It's David on a delivered on a pro forma basis in excess of $1 billion of revenue and $550 million of pretax profits.
And that is delivering considerable growth.
Both top and bottom line.
We as a company I can respond in a way it's in the share price disconnect, but neither one demands undermines our brand proposition or compromising any shareholder value.
And so notwithstanding any of the above there are a number of initiatives in progress that we believe will address much of the middle market manipulation, we suffered and hope this will be reflected in the share price in the very near term.
So I think in summary in this question the thing that I'd like to leave in People's minds today is that as a company those broad plans that I've spoken about we do expect to start making announcements around nose in the shoe coming weeks.
Thank you team. Our next question is there was mentioned in the presentation of restructuring to be old M. I C. T businesses to best complement the existing can go brand can you provide more detail.
Again, those if I may.
Yes. Thank you.
One of the great assets.
No.
That we now call little dime on ICT business has all the number of regulated licensees, we hold across a number of verticals and supported by World class proprietary technology.
So if we think we can now combine that with a very large significant user and customer base throughout Pan Africa.
And there are a number of opportunities all of which cannot material profitability to the group.
I don't really want to go into too much detail on this call as to what those plans are but I think I want to shed some light on.
On the material opportunity, we changed which is S. How our fingertips, which is in the payment space.
Dislike many diaspore around the world Africans are no different than they do repatriate money to their friends and family back home.
And if we don't get Nigeria market as announced we have 10 plus million customers and we hope that will rise to 30 million by the end of this year. If we take Nigeria that case in point family and friends that send backs a figure of somewhere between two and $8 billion each and every month.
Depending on whose figures we believe of course.
On the small cap currently used is very poorly said <unk> be it.
And part of bringing the positive currency conversion.
Particularly customer satisfaction, a lot of customer dissatisfaction in this case. So we believe that utilizing the relationships we have with the two major global banking empires are that we have.
I've referred to another announcements with the 10 plus million followers on the platform will have a very significant products and price advantage.
So our customer base.
I'm not permitted to give a profit forecast here I can say that I would expect the profitable contribution here to be very material to the group number.
Thank you team. Our next question is with the company, having so much cash and give them the forecast profitability of the group why has a share buyback not yet been initiated.
And those if I may.
So very good question and I think as I said in my earlier answer that will finalize them begins when I went to the Companys plans in the coming weeks.
But it should also you know as I mentioned earlier with that level of cash with the level of profitability to the company is now experiencing delivering is it's not just share buybacks that we can consider a dividend.
We plan on a regular quarterly basis is also being considered by the board at this time.
But what I would like to do is reiterate that with the Deloitte audit now completes it.
I believe that the horizon for all shareholders.
Improved considerably.
And as I, just said a moment ago the board all being very considered and the next steps to deal with what we think is a very pressing matter on the disconnect between the performance of the group.
On the share price.
Thank you team. Our next question is this is clearly an amazing ESG story and I cannot think of any other truly genuine ESG stories with such levels of growth and profitability.
Why do not yet have any ESG funds as shareholders.
Thank you, yes, I actually agree with you too.
You should remember, though I think that this acquisition was only completed four months ago on November the 30th from memory.
Today marks the publication of the first group audited results.
And so you know with today's filing of our 10-K and the group already being completed by as I've said, many times one of the world's leading all the Thunder.
I believe we are now in a position to attract a large institutional Blake base, including of course, the growing number of ESG funds that are looking for genuine ESG opportunities and I'm like you said I can't think of many more attractive proposition than ours and as I mentioned earlier, just as a final point on this this is why the quality of that.
Diligence, we did at the time of acquisition are of Paramount importance.
Pulte by the likes of the Lloyds because this is what I believe will instill the confidence in with institutional and retail.
Two shareholders to invest in us.
Thank you team. Our next question is how does the election of the new Nigerian President impact Ingo group and its business.
But.
I think that's the best answer by U S.
Oh of course.
Things are some of you are aware I have personally congratulated the incoming president and of course, we see government as a continuum. So it's important that as the major upgrades are in what we view as a man dressed most important sector.
Gotcha.
Commodities are set up we believe that we can continue to strengthen our relationship with with the government.
There's little strong business that can really.
This remains strong without the support of the government in terms of the you know I'm, giving them ideas on where policy should be on how.
A business like this can be supported so of course, we look forward to working with the incoming administration.
Thank you team. Our next question is regarding your announcement in February were.
Where do you suspect that single group as they picked them up with legal naked short selling can you update us on the investigation and remedial actions that are being taken.
Are those do you let me take that if I may please.
Yeah, especially as lawyers and that team of expert advisors have been working.
Diligently I'm, making considerable progress to date and whilst I'm not in a position to give more of a detailed response at this particular time.
I think what it is fair to say is that we believe we do have substantive evidence.
That has been gained.
Such unlawful activity.
Indications that magnitude all substantial or sizable.
But let me be clear.
If that's borne out we do see that had been mid single breaches of the FCC rules of conduct.
We will aggressively pursue the perpetrators no matter, who they are either hedge funds be them stakeholders market makers seem ever.
At this time I can't say any more than that but rest assured we will be keeping shareholders fully updated.
Awesome one events happen.
Thank you team. Our next question is it is clear that the company is not short of expansion opportunities both in Africa and in other parts of the World can you. Please explain how the company decides on its priorities when it is considering the array of opportunities.
Dosing if I may.
Barry Good question and yes, you're right, we do have very many opportunities at all finger tips right now.
Whether they be in new verticals and new products all the parts of Africa. Other parts of the World. We do have a wealth of opportunities that I'll think it sits so upset.
And so as you would expect sorry body ration of all the opportunities he's gonna have to take into account many many different criteria your measures.
Anything from return on capital employed or contribution to group profitability. It may will be synergistic impacts in other parts of the group and.
And of course alignment with our mission and core values.
Yes, we are in a very exciting position I'm certainly not restricted at all by any lack of opportunity I was clearly not every company has graced with.
So as you would expect the boardwalk prior size you know as he sees fit with the primary focus on shareholder value accretion as his primary focus.
Our last question asked Ken.
And does he mugu sea shed any light on why he wants to buy a football club, such as Sheffield, United and where he stands in the approval process with the English Football League.
I, usually I think not yours.
Yes.
Well I'm not sure. If this is the right for him to discuss for bone marrow.
But.
Needless to say that I've always had a passion for football as you may be aware.
From my my involvement in football in my own country in Nigeria, where a superb grassroots football and last yeah.
The debate and the addition of the <unk>, which is actually the biggest.
Tournament in Nigeria as up to date.
I'm I'm I'm I'm fortunate to be in a position to two by a major football club here in England and I'm for it teams such as Sheffield United with all its history.
I well I have a desire to be the Paas block question, the only Premier League Football club.
I believe of course champion Tonight that will be promoted to the English Premier League well. In addition, I believe that the ownership of Shep you Tonight that will bring significant advantages to the single group.
90 around the continent of Africa again more awareness and.
The single brand through the local English football.
In terms of process with the F O I hope to be in a position to announce positive news very soon.
I would now like to turn the call back over to Mr. Mercer for his closing remarks.
Thank you operator.
I would like to thank each of you today for joining our earnings conference call.
Look forward to continuing to update you on our ongoing progress and growth.
If however, we were unable to answer any of your questions. Then please do reach out to our IR firm MZ group, who would be more than happy to assist.
Thank you.
Conclude today's conference you may disconnect your lines at this time, thank you for your participation.