Business
Anghami Reports 35.6% Revenue Growth in Preliminary Unaudited 2022 Results, with Focus on Continued Efficiency and Profitability for 2023
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%
About this update from Anghami Inc.
[{"type":"text","content":"\n\nTotal unaudited revenue of $48.1 million for 2022, an increase of 35.6% year-on-year\n\n\nEnded 2022 with 1.52 million paying subscribers, an increase of 21% compared to 2021, and 20% growth in music streams compared to 2021\n\n\nImproved H2 2022 gross margin across all business segments compared to H1 2022\n\n\nContinued focus on efficiency and profitability for 2023, with new services to launch\n\n\n ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--\nAnghami 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.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230307005846/en/Anghami Reports 35.6% Revenue Growth in Preliminary Unaudited 2022 Results, with Focus on Continued Efficiency and Profitability for 2023 (Graphic: AETOSWire)\nAnghami 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.\n\nAccording 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.\"\n\nAnghami'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.\"\n\nAnghami continues to grow as an entertainment platform, investing in consumer business, content creation, advertising and payment infrastru...