$9.2M in Gross Profit by Insurance Business for Full Year 2021, of which $3.9M in Gross Profit Was Delivered in Q4, Equating to Quarter-over-Quarter Growth of 39.3%
Due Diligence on Tingo Inc. Has Been Completed and The Merger Agreement Updated and Reaffirmed
MONTVALE, N.J., June 17, 2022 (GLOBE NEWSWIRE) — MICT, Inc. (Nasdaq: MICT), (the “Company”), today announced its financial results for the fourth quarter and fiscal year ended December 31, 2021.
Year End 2021 Highlights and Recent Developments
- Announced definitive merger agreement with Tingo Inc. (“Tingo”), which on May 16, 2022 announced total revenues for Q1 2022 of $257.1m, operating income of $65.5m and Non-GAAP adjusted operating income of $143.9m
- MICT Insurance business generated revenue of approximately $55 million in its first year of operation
- Total gross profit of MICT in 2021 was $9.2 million versus a gross loss of $58,000 in 2020
- Company obtained further insurance licences, both nationwide and regional, allowing it to distribute insurance products throughout China for B2B, and for the first time B2B2C and B2C
- Following the launch of subsidiary Magpie Securities’ mobile stock trading app, first revenues were earned by this division during Q4 2021
- Received in-principle approval of Capital Markets Services License from the Monetary Authority of Singapore, paving the way to launch Magpie Invest in Singapore and elsewhere and significantly expand its product range
- As of December 31, 2021, cash…
