Dozy Mmobuosi: Company built by Sheffield United's potential new owner reports latest financial results

Tingo Inc, the company founded by Sheffield United’s potential new owner Dozy Mmobuosi, reported “pro forma consolidated revenues” of $1.15 billion in a press statement designed to coincide with the publication of its performance details for the last financial year.
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Mmobuosi, whose proposed purchase of the Championship club is being scrutinised by the English Football League, is understood to have held further talks with its current owner Prince Abdullah bin Musa’ad bin Abdulaziz Al Saud over the course of the past week as he attempts to finalise a deal.

Other notable figures in the document, which was composed following an audit by a team from the US branch of Deloitte, include cash balances of $550m across the entire network of firms which operate under the Tingo banner and leasing revenues of $476.3m within its mobile telecommunication department. These, investors were told, represents a 50 percent increase over the course of the past 12 months.

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Listed on the NASDAQ, Tingo has also moved into the food production sector as well as entering into a partnership with VISA to accelerate the development of its agri-fintech operations.

Dozy Mmobuosi, who wants to buy Sheffield UnitedDozy Mmobuosi, who wants to buy Sheffield United
Dozy Mmobuosi, who wants to buy Sheffield United

Mmobuosi, a Nigerian national, was quoted in the release to journalists as saying: “We are particularly excited about the completion of the virtuous circle of our agri-fintech eco-system, where we can now deliver on, and profit from, every part of the journey from seed-to-sale.

“We are also very excited about our diversification, both geographically, including within my home continent of Africa, as well as into other parts of the world and into other sectors, for example, through our B2C (business to consumer) and B2B (business to business) TingoPay business and partnership with Visa.”

In a section entitled “2022 Financial Review”, Tingo also detailed net revenues of $146m compared to $55.7m the previous year. Gross profit across the period referred to was stated $64.8m, contrasting with $9.2m during 2021. Operating losses were noted as being $11.8m, with the decrease from $37.9m being “mainly attributable to the consolidation of the profitable operations of Tingo Mobile for the month of December.” Net losses for the year ending 2022 stood at $47.1m, a rise from $36.4m which was traced to “an increase in tax expenses relating to the acquisition and consolidation of Tingo Mobile.” The operating loss was reported as $11.8m, which the statement said would equate to an operating profit of $4.3m if non-recurring expenses and share payments were “added back”.

Sheffield United are the subject of a takeover bid: Carl Recine - Pool/Getty ImagesSheffield United are the subject of a takeover bid: Carl Recine - Pool/Getty Images
Sheffield United are the subject of a takeover bid: Carl Recine - Pool/Getty Images
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Mmobuosi recently met with representatives from the EFL to answer the “queries” they raised about his attempt to gain control of United, who are chasing automatic promotion back to the Premier League having been relegated two seasons ago. Giving evidence to a parliamentary select committee earlier this week, the EFL’s chairperson Rick Parry confirmed anyone now wishing to buy one of its members must not only be able to demonstrate both proof and source of funding relating to the purchase price and that they can cover around two seasons’ worth of running costs. The EFL, Parry acknowledged, had beefed-up its checks following the collapse of Bury.