Business
Anghami Reports 17% Subscriber Growth in Preliminary Unaudited 2023 Q3 Results, with Transformative Strategic Investments from OSN Group and SRMG Ventures
Today, Anghami announced preliminary results for its third quarter 2023 performance. The company delivered strong results in Q3 2023 compared to Q3 2022.
About this update from Anghami Inc.
[{"type":"text","content":"Today, Anghami announced preliminary results for its third quarter 2023 performance. The company delivered strong results in Q3 2023 compared to Q3 2022. Additionally, the company shared a host of major strategic and operational updates:\nSubscribers grew 17% Y/Y reaching 1.73 million, as of September 30, 2023Adjusted Revenue(1) grew 8% Y/Y to $30 million for the 9 months ending September 30, 2023Gross Profit Margin for the 9 months ending September 30, 2023, increased to 22%, a significant improvement compared to 12% in the comparable period of 2022Anghami secured a $5 million strategic investment from SRMG at a valuation of $2.5 per share, aimed at further accelerating growth and leveraging both parties' resources and expertise in technology, innovation, and content.Anghami signed a milestone transaction in which OSN Group will contribute its video streaming platform (OSN+) and will invest up to $50 million in cash in Anghami:. The investment values Anghami at $3.65 per share and is set to reshape the landscape of music and video streaming in MENA.Amr Diab's highly anticipated \"Makanak\" album to debut exclusively on Anghami on December 28, 2023, accompanied by a Live Concert Tour.ABU DHABI, UAE, Dec. 26, 2023 /PRNewswire/ -- Anghami Inc. (NASDAQ: ANGH) the leading music and entertainment streaming platform in the Middle East and Africa region (MENA), reported today its preliminary results for the third quarter of 2023, the 9-month period ending September 30, 2023, highlighting significant growth, cost reductions and strategic developments.\n\n \n \n \n \n \n \n\n \nFor the 9 months ending September 30, 2023, the Company witnessed robust performance with a 17% growth in subscribers, a 8% increase in Adjusted Revenue and a major improvement in Gross Profit margin which reached 22%.\nEnhanced performance within the high-margin segments of the core business\nRevenue from direct subscriptions (i.e., app stores and web) grew by 17% Y/Y. While revenue from Telco channels decreased 21% Y/Y, this decline was anticipated as Anghami's strategy is to focus on growth within direct channels that offer improved margins, better collection terms, and protection against currency fluctuations.\nOn August 7, 2023, Anghami introduced a new subscription plan, Anghami Gold, its highest subscription tier to date. This subscription offers a range of...