Anghami Files 2023 Annual Report and Announces 2024 Q1 Results, Highlighting 18% Growth in Subscribers and Significant Margin Improvement
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Anghami Files 2023 Annual Report & Announces 2024 Q1 Results (Graphic: AETOSWire)
Comparing Q1 2024 to Q1 2023:
- Premium Subscribers grew 18% reaching 1.87 million
- Total Revenues grew by 8%
- Gross Margin improved from 20% to 26%
Premium Subscriber Growth and Improved Margins, Driven by a Disciplined Focus on High Quality Revenue
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Premium subscribers reached 1.87 million by
March 31, 2024 , an 18% increase compared toMarch 31, 2023 - Total revenues grew by 8%, mainly driven by 27% growth in subscription revenue
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Anghami optimized its user acquisition and focused on high-margin direct subscription channels (mobile app stores and web)
This was coupled with further improvement on the costs side including:
- Optimization of cost of sales, through the renegotiation of several key content agreements
- Continuous streamlining of the technology backend, leading to reduction in technology costs while improving performance and scalability
- Continuous expansion of AI capabilities to enhance user recommendation engine
As a result, Operating loss improved from
Key Strategic Milestones Set to Position Anghami as a Digital Media Streaming Powerhouse
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On
April 1, 2024 ,Anghami successfully completed the landmark OSN+ transaction, in whichOSN Group contributed toAnghami a cash investment of$38 million , the OSN+ brand, the OSN+ video streaming business and associated paid subscribers and associated recurring revenue. This transaction will transformAnghami into a digital entertainment powerhouse that seamlessly integrates both music and video streaming services. -
During
March 2024 ,Anghami successfully managed and executed one of the most anticipated concerts with Arab Megastar Amr Diab inAbu Dhabi ,UAE , generating substantial regional excitement and media buzz. The concert coincided with the release of anAnghami -exclusive album byAmr Diab , swiftly claiming the title of the year's biggest album release and dominating the music charts. -
Reiterating the achievements of 2023,
Anghami accomplished several key strategic deals, including an investment from Saudi media leader SRMG, an expanded partnership withRotana Music , and an expansion of the exclusivity agreement withAmr Diab (including four concerts in major cities across the MENA region).
Challenges and Headwinds Faced in 2023 Have Delayed Key Opportunities to 2024
Anghami’s 2023 financial performance was directly affected by the devaluation of the Egyptian currency. This was partially offset by the strong growth in premium subscribers in
In addition, the
Despite these challenges, Anghami’s core subscription business continues to deliver growth in number of subscribers, supported by the rapidly growing advertising and production segments that have delivered impressive results overcoming multiple challenges and headwinds in 2023. In addition, the substantial improvement in gross margins and the enhanced quality of revenues, position
Anghami’s annual report on Form 20-F (the “Form 20-F”) for the year ended
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Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Anghami’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “start,” “project,” “budget,” “forecast,” “preliminary,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “continue,” “predicts,” “potential,” “transform” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Anghami’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the outcome of any legal proceedings that may be instituted against
Preliminary Unaudited Results for Q1 2024
The selected preliminary unaudited results and key performance indicators included herein are based on the Company’s preliminary estimated results for Q1 2024 ended
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502645142/en/
Investor Contact:
Questions addressed to Anghami Investor Relations can be sent to ir@anghami.com
Middle East Media Contacts:
Media questions can be sent to press@anghami.com
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