Anghami, listed on the Nasdaq Stock Exchange, revealed its preliminary unaudited financial results for the first quarter of 2023, ending on March 31, 2023. Despite facing a number of currency-related challenges in Egypt and Lebanon, Anghami succeeded in achieving unaudited revenues of $10.2 million in The first quarter of 2023, which represents an increase of 6% compared to the first quarter of 2022.
Anghami’s continued focus on achieving efficiency and the pursuit of profitability significantly boosted its gross profit margin, as it recorded a significant increase from 17% in the first quarter of 2022 to 23% in the first quarter of 2023, representing a growth of $3.1 million in profits. Before financing costs, taxes, depreciation, and deductions compared to the first quarter of 2022.
Anghami’s achievements in the first quarter of 2023 are due to an increase of 39% in revenues from direct subscription channels (other than telecom companies), a growth of 16% in the number of subscribers to the paid service, as well as an improvement in margins with content providers and telecom companies compared to the first quarter. from 2022. In addition, ad revenue grew by 10% in the first quarter of 2023 compared to the same period in 2022 (representing an increase of over 32% when adjusting for advertising revenue in the first quarter of 2022 in the form of revenue non-monetary barter). The significant growth in revenue in the advertising sector was a result of Anghami’s free music service and its ability to leverage the vast amount of user data, its extensive relationships with artists, and technology to create branded content. These achievements highlight the platform’s commitment to promoting sustainable growth and improving profit margins.
Anghami plans to launch the Gold subscription plan in May 2023, as part of its ongoing commitment to increasing Average Revenue Per User (ARPU). This premium package will include innovative AI-assisted services, and many more new features, while re-pricing legacy telecom plans to improve revenue generation potential.
