Operating profit for the 3 months ended September 30, 2023, was $50.1 million versus an operating loss of $8.7 million for the 3 months ended September 30, 2022. Operating profit for the 9 months ended September 30, 2023, was $492.5 million versus an operating loss of $32.5 million for the 9 months ended September 30, 2022. The increase being mainly attributed to the acquisitions of the Tingo Mobile and Tingo Foods and the commencement of export trades to Tingo DMCC, as explained above. Net income for the 3 months ended September 30, 2023, was $20.7 million compared to a net loss of $7.7 million for the 3 months ended September 30, 2022. Net income for the 9 months ended September 30, 2023, was $294.0 million compared to a net loss of $30.7 million for the 9 months ended September 30, 2022.
Adjusted EBITDA for the 3 months ended September 30, 2023, was $122.6 million compared to consolidated EBITDA loss of $8.1 million for the 3 months ended September 30, 2022. Adjusted EBITDA for the 9 months ended September 30, 2023, was $777.9 million compared to consolidated EBITDA loss of $29.3 million for the 9 months ended September 30, 2022. Tingo Group invested heavily in the growth of Tingo Mobile, Tingo Foods and Tingo DMCC during the 9 months ended September 30, 2023, including: one, making an upfront payment of $711.7 million on the purchase of 6 million handsets for new AFAN customers; number two, prepaying AFAN for produce for Tingo Foods and settling their brought forward payables, resulting in a total net outlay of $369.9 million; and third, self-funding stock purchases of $370.4 million for Tingo DMCC’s export sales, the revenues for which are scheduled to be received during the fourth quarter of 2023.
In addition, tax payments totaling $174 million were made for Tingo Mobile on its taxable earnings for fiscal year 2022. And the company also incurred a loss on foreign exchange. As a result, the balance of cash and cash equivalents at September 30, 2023, decreased to $53.4 million compared to $500 million at December 31, 2022. In August, we announced the commencement of a quarterly dividend payable to the holders of both our common stock and Series B convertible preferred shares, the foreign exchange conversion for the payment of the first dividend, which is in the amount of $20 million. The exchange conversion is subject to approval by the Central Bank of Nigeria, the finalization of which is expected soon. Our goal is to increase the amount of quarterly dividend as we grow our earnings and cash balances.
A summary of the income statement of Tingo Group for the 3 months and 9 months ended September 30, 2023, compared to September 2022, is provided on Page 15 of the presentation. A reconciliation of GAAP operating income and loss to the non-GAAP EBITDA for the 3 and 9 months ended September 30, 2023, compared to September of 2022, is provided on Page 16 of the presentation. A summary of the most notable investment in cash expenditure items made by the company during the 3 and 9 months ended September 30, 2023, is provided on Page 17 of the presentation. The key cash expenditure items incurred during the third quarter included further Naira installment payments made to our mobile phone supplier, totaling $279 million. The corresponding order of smartphones has been allocated to 6 million new customers introduced by the All Farmers Association of Nigeria, or AFAN, under the terms of our trade agreement with AFAN on October 20, 2022.
The smartphones will be held as fixed assets of the company and are expected to generate monthly mobile leasing revenues and Nwassa transaction revenues during the fourth quarter of 2023. The other main cash expenditure item, which we incurred during the third quarter with a Naira payment of $147 million for produce for our Tingo DMCC export business. The receipt for all our export sales made in the third quarter are scheduled to be received in the fourth quarter of 2023. 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 3 and 9 months ended September 30, 2023, compared to the 3 and 9 months ended September 30, 2022, is provided on Page 19 of the presentation.
My Board and I believe, Tingo Group continues to be uniquely and strongly positioned both as a company and as an attractive investment proposition. We are a highly profitable NASDAQ-listed company, having generated revenue of $2.41 billion and EBITDA of $777.9 million in the first 9 months of 2023. We have a strong balance sheet, and our operations are significantly cash flow positive. We announced the commencement of a quarterly dividend, the first payment of which is awaiting Central Bank of Nigeria approval. We have a full agri and food ecosystem from seed-to-sale, creating a virtuous cycle for both us and our customers. Our food processing and commodity export business has vast potential. We are making a difference towards addressing the global food shortage and food security crises, and we are a benefactor of commodity price inflation.
