Business
Anghami Files 2022 Annual Report With 37% Revenue Growth & Announces Q1 2023 Results With 60% Improvement in EBITDA
2022 audited total revenue of $48.5 million, an increase of 37% compared to 2021 Q1 2023 unaudited revenue of $10.2 million, an increase of 6% compared to Q1
About this update from Anghami Inc.
[{"type":"text","content":"\n\n2022 audited total revenue of $48.5 million, an increase of 37% compared to 2021\n\n\n\nQ1 2023 unaudited revenue of $10.2 million, an increase of 6% compared to Q1 2022 (+12% growth at constant currency)\n\n\n\nGrowth in direct subscriptions revenues of 39% was a key contributor to the increase in gross profit margins from 17% to 23%, as well as 16% growth in premium subscribers, all compared to Q1 2022\n\n\n\nStrong revenue growth in the advertisements segment, with an increase of 10% compared to Q1 2022\n\n\n\nEfficiency and margin improvement initiatives have been successful, resulting in a $3.1M improvement in Q1 2023 EBITDA compared to Q1 2022, bringing us closer to profitability.\n\n\n\n ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--\nAnghami Inc. (NASDAQ: ANGH) (the “Company” or “Anghami”), the leading streaming platform for music and entertainment in the Middle East and North Africa (MENA) region, has announced its unaudited preliminary results for Q1 2023, ending March 31, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230517005484/en/ANGHAMI FILES 2022 ANNUAL REPORT, WITH 37% REVENUE GROWTH. ANNOUNCES Q1 2023 RESULTS: EXCEPTIONAL EFFICIENCY WITH 60% EBITDA IMPROVEMENT, 43% GROSS PROFIT GROWTH, 6% REVENUE GROWTH COMPARED TO Q1 2022 (Graphic: AETOSWire)\nDespite facing currency-related challenges in Egypt and Lebanon, Anghami successfully achieved a Q1 2023 unaudited revenue of $10.2 million, representing a 6% increase compared to Q1 2022. On a constant currency basis, the increase would have been 12%, demonstrating Anghami’s ability to achieve strong growth despite challenging conditions in Egypt and Lebanon.\n\n\nBy streamlining the technology backend, Anghami has been able to reduce technology costs while improving performance and scalability. Furthermore, the platform has optimized its marketing strategy by concentrating on growth channels with the highest retention rates. This approach has led to a remarkable improvement in brand visibility and customer engagement, while also significantly reducing overall marketing expenses.\n\n\nAnghami’s continued emphasis on efficiency and path to profitability led to a substantial increase in gross profit margin, increasing from 17% in Q1 2022 to 23% in Q1 2023, resulting in a significant $3.1 milli...