Yalla Group Limited, which is based in the United Arab Emirates and owns the largest social networking and gaming platform in the Middle East and North Africa, continued its focus on supporting its growth process, as the company’s revenues for 2023 exceeded 1.17 billion dirhams ($318.8 million), compared to 1. 1 billion dirhams in 2022.
Revenues for the fourth quarter of last year also grew by 7.7% to reach 297.1 million dirhams ($80.9 million), compared to 275.9 million dirhams in the same period in 2022, which reflects the strength of the group’s financial performance and its ability to achieve record profits as a result of continued momentum. In her works.
Yalla also recorded a net profit margin rate of 36.6%, while the net profit margin rate not conforming to generally accepted accounting principles reached 41.3% during the last quarter of the past fiscal year, which reflects its strong ability to generate income and control expenses.
- 36.2 million monthly active users, a growth of 13.3%
- 11.9 million subscribers to paid services by the end of 2023
The financial statements revealed that the company’s net profits increased in the last quarter of last year to about 109 million dirhams ($29.7 million), achieving an unprecedented growth rate of 79% compared to the same period in 2022, when the company then achieved net profits amounting to 60.9 million dirhams.
Adding the profits of the first 9 months of 2023, the profits for the full year amount to $117.34 million (430.6 million dirhams) during 2023, compared to profits of $79.76 million (292.7 million dirhams) during 2022, a growth of 47%.
- users number
Yalla revealed a significant growth in the average number of monthly active users by 13.3% to 36.2 million in the last quarter of last year, compared to 32 million during the fourth quarter of 2022.
While the number of subscribers to paid services decreased by 4.2% from 12.5 million users in the same period of 2022 to 11.9 million users in the last quarter of 2023.
The company attributes this decrease to the changes that occurred in games in the short term, stressing its commitment and keenness to improve user interaction and implement effective strategies to generate revenue in the future.
- Digital landscape
Yang Tao, founder, CEO and Chairman of the Board of Directors of Yalla Group, said: “There is no doubt that the year 2023 was a very important year in the journey of Yalla Group, as we were able to move forward in the midst of the dynamic digital scene that the world is witnessing, through our effective strategy that… We designed it to achieve outstanding growth, and we concluded our operations for 2023 by achieving superior results in its last quarter, both financially and operationally.”
He added: “In continuation of our tireless efforts aimed at improving our distinguished applications, we have made great strides in developing our games in the mid-core and hard-core categories during the past year. Our successful launch of the two Hard Core games was accompanied by strengthening our participation in the field of games in the Med and Hard Core categories, which contributed to us gaining valuable experience in the main areas of the popular games sector in the Middle East and North Africa region.”
- Expansion of business
For his part, Saifi Ismail, Group President, said: “The results reflect the company’s ability to expand the scope of its business in a market characterized by rapid change. He stressed that the Yala Group strives to be the first destination for social media and digital entertainment platforms in the Middle East and North Africa region, stressing the company’s commitment to working to strengthen its local and international partnerships to expand its business and exploit the great opportunities presented by digital transformation in the region.
He added that “the entire region is on the cusp of entering a new phase of development and growth,” noting that “Yalla will continue to work to enrich the experience of the people of the Middle East and North Africa with the benefits of modern digital life, especially since the company possesses all the main components to benefit from the promising growth opportunities in the region.”
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