Business
Anghami Reports Preliminary Q3 2022 Unaudited Results With 29% Y-O-Y Revenue Growth and Gross Profit Increase
Subscription revenue grew 27% quarter-on-quarter with total revenue growing in line 29% year-on-year from $24.5 million to $31.7 million Q3 2022 gross profit
About this update from Anghami Inc.
[{"type":"text","content":"\n\nSubscription revenue grew 27% quarter-on-quarter with total revenue growing in line 29% year-on-year from $24.5 million to $31.7 million\n\n\nQ3 2022 gross profit improved by 13% year-on-year, with net ARPU up by 8%\n\n\nProfitability focus enhanced by reducing FTEs by 22%, shrinking cloud costs by 19% despite 15% growth in plays\n\n\n ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--\nAnghami Inc. (NASDAQ: ANGH) (the “Company” or “Anghami”), the leading music and entertainment streaming platform in the Middle East and Africa region (“MENA”), reported today its preliminary unaudited results for Q3 2022 ended September 30, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221115005925/en/ANGHAMI REPORTS PRELIMINARY Q3 2022 UNAUDITED RESULTS WITH 29% Y-O-Y REVENUE GROWTH AND GROSS PROFIT INCREASE (Graphic: Business Wire)\nSubscription revenue in Q3 2022 increased 27% quarter-over-quarter, which is in line with Anghami's total revenue growth, which also increased 29% year-over-year from $24.5 million to $31.7 million.\n\n\"I am proud to report that we grew our Q3 2022 gross profit by 13% quarter-over-quarter, driven by an 8% increase in ARPU. Given the impact of challenging macroeconomic conditions, we had to take some cost disciplinary measures to improve our bottom-line performance,\" said Eddy Maroun, CEO and co-founder of Anghami.\n\nSustained focus on profitability required tough measures such as a 22% reduction in headcount and 19% savings in cloud computing costs - despite a 15% increase in music traffic in Q3 2022. This was made possible by the significant organizational and infrastructure investments the company has made in recent quarters, resulting in a more efficient and streamlined organization.\n\nAnother highlight for Anghami was the launch of a global competition on TikTok called \"Sound of Saudi,\" which celebrates the Kingdom's expanding music sector by inviting Saudis in the country and around the world to participate in the talent search. The show, which began on October 12, encouraged participants to showcase their skills as singers, composers, producers, mixers, or instrumentalists. Winners of the final round will have their original creations professionally produced and made available through Anghami. To date, the contest has received over...