Anghami Reports 35.6% Revenue Growth in Preliminary Unaudited 2022 Results, with Focus on Continued Efficiency and Profitability for 2023
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Total unaudited revenue of $48.1 million for 2022, an increase of 35.6% year-on-year
Ended 2022 with 1.52 million paying subscribers, an increase of 21% compared to 2021, and 20% growth in music streams compared to 2021
Improved H2 2022 gross margin across all business segments compared to H1 2022
Continued focus on efficiency and profitability for 2023, with new services to launch
ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--
Anghami Inc. (NASDAQ: ANGH), the leading streaming platform for music and entertainment in the Middle East and North Africa, has announced its unaudited preliminary results for the year 2022.
Anghami Reports 35.6% Revenue Growth in Preliminary Unaudited 2022 Results, with Focus on Continued Efficiency and Profitability for 2023 (Graphic: AETOSWire)
Anghami recorded a robust financial performance in 2022, with total revenue of $48.1 million, reflecting an increase of 35.6% compared to 2021, despite an unfavorable impact of foreign currency exchange rates. Anghami also experienced a growth in its total paying subscribers, reaching 1.52 million subscribers, representing a 21% increase year-on-year. Additionally, the number of music streams increased by 20% compared to 2021, highlighting the strong demand for Anghami's content, especially with Arabic music representing 60% of Anghami’s streams.
According to Eddy Maroun, CEO and co-founder: "Our ability to provide an exceptional user experience and to deliver the best music and entertainment content in the MENA region and beyond is reflected in our strong financial performance in 2022."
Anghami's focus on efficiency and profitability in the second half of 2022 resulted in a significant improvement in gross margin across all business segments. Elie Habib, Chairman and co-founder, commented: "The unaudited gross profit margin from paid subscriptions and ad-supported users improved by 13 percentage points in H2 over H1 2022. Also, starting in May 2023, we plan to launch new services that leverage our unique user knowledge and our deep technology credentials."
Anghami continues to grow as an entertainment platform, investing in consumer business, content creation, advertising and payment infrastructure. Anghami also has deep knowledge in customer conversion and has recently launched verticals such as Anghami Studios, a full fledge content production arm; Vibe Music Arabia, a Joint Venture with Sony Music; Spotlight Live, an events management business; and Anghami Lab, a music lounge with artist performances in Riyadh.
Anghami aims to achieve profitability in 2023 by building on the momentum of efficiency, as reflected in its improvement in gross margins. Working with its auditor Grant Thornton, Anghami expects to release its audited full year 2022 financial results by April 15, 2023.
Anghami will be presenting to select investors at the EFG Hermes investor conference “The 17th One-on-One Conference 2023” at Atlantis, The Palm Dubai on March 8, 2023.
About Anghami Inc.
The leading music streaming technology platform in the Middle East and North Africa, Anghami is the go-to destination for Arabic and international music, podcasts, and entertainment. To learn more about Anghami, please visit: https://anghami.com/investors
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
