Yalla Group Limited records robust financial performance in first quarter of 2024
Date
5/21/2024 5:54:30 AM
(MENAFN) Yalla Group Limited, a prominent company headquartered in the United Arab Emirates and listed on the New York Stock Exchange, has unveiled its unaudited financial results for the first quarter of 2024, concluding on March 31. The company has showcased robust growth, achieving revenues totaling 289 million dirhams (equivalent to 78.7 million dollars), marking a notable growth rate of 7.1 percent. This achievement is indicative of the company's persistent success in realizing its strategic objectives and expanding its operational footprint.
Yalla Group Limited, known as the owner of the largest social networking and gaming platform in the Middle East and North Africa, has reported a substantial increase in net profits, reaching 114.2 million dirhams. This represents a remarkable growth rate of 56.2 percent compared to the corresponding quarter of the previous year, underscoring the company's strong financial performance driven by sustained momentum in business growth.
Furthermore, the company's non-GAAP net income has experienced a significant upsurge, soaring to AED 129.6 million (equivalent to USUSD35.3 million), marking a substantial increase of 38.4 percent from USUSD25.5 million recorded in the first quarter of the preceding year. Notably, the non-GAAP net profit margin stands at 44.8 percent, underscoring the efficacy of the growth strategy and the company's adeptness in generating income while maintaining disciplined spending practices.
In terms of user engagement, Yalla Group Limited has witnessed a commendable rise in the average number of monthly active users, surging by 14.6 percent to 37.8 million during the first quarter of the current year, compared to 33 million in the corresponding period of the previous year. However, there has been a slight decline in the number of subscribers to paid services, dropping by 5.2 percent to 12.8 million users, as opposed to 13.5 million users in the same period last year. Despite this minor setback, the company remains poised for continued growth and innovation in the evolving landscape of social networking and gaming platforms.
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